Hardy’s wine owner Accolade Wines sold to Carlyle Group for AU$1bn
Behind wine brands such as Hardy’s...
Private equity firm The Carlyle Group has agreed to buy Australian Vintner Accolade Wines in a deal worth AUD$1bn.
Behind wine brands such as Hardy’s and Petaluma, Accolade is the biggest wine producer in Australia.
Through the deal, the Carlyle Group is buying 80% of operation from another private equity firm, Champ Private Equity.
The remainder of the shares will be bought from Constellation Brands, the Fortune 500 company behind brands such as Corona and Grupo Modelo.
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The deal comes as Australian wine exports hit record highs in both value and volume in 2017, according to a recent report by Wine Australia.
The soaring demand for Australian wine has been fuelled by mushrooming demand from China, says the report.
Accolade Wines gains around two-thirds of its earning from wine sales outside of Australia, with its brand Hardy’s performing particularly well in foreign markets.
The Australian firm has been building up its premium wine portfolio in recent years. For instance, in 2017, Accolade Wines said that it would acquire Lion Australia’s premium wine business, Fine Wine Partners (FWP).
“Champ is proud to have been the custodian of so many widely respected brands, to have contributed to the great Australian wine industry and to have added export value to Australia,” said John Haddock, CEO of Champ.
“We are very pleased that a global firm of such experience and capability as The Carlyle Group will now take Accolade forward."
Starbucks to open 10,000 sustainable stores in bid to save US$50mn
The plans come under an initiative called the “Starbucks G...
Starbucks has announced plans to open 10,000 “greener stores” around the world by 2025
The plans come under an initiative called the “Starbucks Greener Stores Framework”, which the coffee company will develop with experts in the field such as SCS Global Services, and the World Wildlife Fund.
Kevin Johnson, Starbucks’ CEO, said in a company statement that Starbucks has a responsibility to promote environmental sustainability.
“We are a company in [sic] that believes, in the fabric of mission and values, that the pursuit of profit is not in conflict with the pursuit of doing good”.
The announcement aligns with Starbucks’ efforts over the past decade to create sustainable buildings, working in partnership with the US Green Building Council.
The company has said it will go beyond the Leadership in Energy and Environmental Design (LEED) sustainable building criteria, which it developed alongside the US Green Building Council, to focus on powering its stores in the US and Canada with 100% renewable energy.
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Starbucks plans to introduce technology to both new buildings and in renovations of existing stores that will save 25-30% on energy and water use.
Marketing Magazine said this could save Starbucks around US$50mn incrementally over the next decade.
This year, Starbucks committed to eliminate its reliance on single-use straws in 28,000 stores by 2020, and also said that it is developing compostable paper cups.