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28 décembre, 2010

Constellation Brands cède à l’australien Champ Private Equity sa division Constellation Wine Australia & Europe incluant BRL Hardy

Classé dans : Fusions-Acquisitions — lullyconseil @ 1:35

le site zonebourse.com publie : « Constellation Brands a conclu un accord avec l’australien Champ Private Equity pour lui céder sa division Constellation Wines Australia and Europe (CWAE), valorisée à environ 290 millions de dollars australiens (correspondant à peu près au même montant en dollars américains). L’ensemble cédé regroupe pratiquement toutes les marques et activités australiennes, britanniques et sud-africaines du groupe, ainsi que ses 50% dans la coentreprise Matthew Clark au Royaume Uni. Le groupe américain de vins et de spiritueux conservera un intérêt de 20% dans les activités en question et recevra pour le reste environ 230 millions de dollars en numéraire. »

 

Constellation Selling Hardys, U.K. Wine Business for $290 Million – Wine company refocusing on U.S. business as it continues to restructure 

Constellation Brands is selling BRL Hardy and the rest of its underperforming Australian and U.K. wine business in a deal worth about $290 million. The buyer is CHAMP, a private equity firm based in Sydney, Australia. Constellation, which is one of the world’s largest wine companies, retains a 20 percent interest in the business and receives $230 million in cash proceeds. “The business is no longer consistent with Constellation’s strategy,” CEO Rob Sands said in a statement. The Fairport, N.Y.-based firm has been restructuring its wine divisions to pay off debt and focus on higher end and more profitable wine labels. 

Brands in the sale include Banrock Station, Leasingham, Tintara, Yarra Burn and Hardys, as well as South African labels Flagstone, Kumala and Fish Hoek. Included in the sale are all facilities and vineyards, as well as all beverage and marketing businesses in the United Kingdom. 

“They are primarily bulk wines,” Angela Blackwell, Constellation’s director of corporate communications, said of the brands. “They had volume but the profitability was not there.” 

Constellation paid $1.1 billion for BRL Hardy in 2003 as part of a multiyear buying spree that included Robert Mondavi, Ravenswood and Clos du Bois. Along the way, Constellation built a huge debt load, which has been exacerbated by the bad economy. The Australian wine business has been hard hit in recent years as it faced new competition, particularly in the U.K., from the wines of South America, Spain and South Africa. (In 2008, Constellation sold multiple vineyards and production facilities in Australia.) 

American brands such as Mondavi, Clos du Bois, Blackstone and Ravenswood are not affected. The company also retains ownership of New Zealand labels Kim Crawford and Nobilo. 

The deal is expected to close by the end of January. 

source : http://www.winespectator.com/webfeature/show/id/44252 

Constellation Brands has sold its wine businesses in Australia, the UK and South Africa to a private equity company in a deal valued at A$290m.

Sydney-based CHAMP Private Equity will buy 80% of Constellation Wines Australia and Europe (CWAE) for A$230m under the terms of the deal, including high-profile brands such as Hardys and Kumala.

The price of the acquisition is in stark contrast to the A$1.9bn paid by Constellation for the BRL Hardy wine business in 2003.

Constellation said the transaction, due to close by the end of January 2011 subject to customary conditions, included ‘virtually all’ of its Australian, UK and South African brands, wineries, facilities and vineyards, as well as its 50% stake in UK wholesale joint venture Matthew Clark. All employees will transfer with the business.

‘The CWAE business sells quality wines from the important Australian appellation and has significant scale, but continues to be faced with challenging market conditions,’ said Rob Sands, president and CEO of Constellation Brands.

‘Therefore, the business is no longer consistent with Constellation’s strategy. We believe CHAMP has the requisite skills and motivation necessary for accelerating the success of the CWAE group.’

Constellation said it remained ‘committed’ to growing its international business and continuing to invest in and drive its premium wine portfolio, including operations in California, Canada and New Zealand.

The company would also work with CHAMP to distribute and supply each other’s products globally, Constellation added.

CHAMP managing director John Haddock said the company was ‘committed to supporting management in building a competitive and profitable business in the Australian and UK markets, and will invest to grow the business’.

source : http://www.decanter.com/news/wine-news/511362/constellation-sells-wine-businesses

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