Constellation Retreats From Australia

e-mail

View the entire table of contents
for the Mar. 31, 2011 issue

See Also
Ab Simon, Bordeaux Importer, Dies
Big Wine Brands Lead Growth in U.S.
Business Briefs

Tim Fish, Tyson Stelzer
Issue: March 31, 2011

In a dramatic exit, Constellation Brands is selling BRL Hardy and the rest of its Australian, South African and U.K. wine divisions in a deal worth roughly $290 million. The buyer is CHAMP, a private equity firm based in Sydney, Australia. It's a stunning turnaround for the world's biggest wine corporation. Constellation built its Australian operation by buying BRL Hardy for $1.1 billion in 2003. Just seven years later it's selling the assets for $810 million less and walking away from the continent. Wine Spectator associate editor Tim Fish and contributor Tyson Stelzer report.

To continue reading this page, become a WineSpectator.com member today!

Do you have a Wine Spectator magazine subscription? Save 50% on your Online Membership right now!