Sydney, Australia: GE Capital today announced it had provided Accolade Wines, the largest wine company by volume in Australia and the UK, with a A$220 million cross border financing facility.
The deal will support CHAMP Private Equity, an 80% owner of Accolade Wines and one of Australia's leading Private Equity fund managers, in its plans to fund the growth of the business.
Alan Butterfield, Executive Director and Head of Leverage & Sponsor Finance, GE Capital Australia & New Zealand said: "This transaction is an example of GE Capital's commitment to supporting the growth of the Private Equity industry and demonstrates its ability to solve customers' more complex financing challenges, including those presented by cross border transactions. By bringing in our UK team and working together closely with CHAMP, GE Capital was able to provide the single lender solution that was needed.
"Over the last 12 months GE Capital Australia has supported the Private Equity sector with senior debt facilities in excess of A$500 million in over 11 transactions," Mr Butterfield said.
Accolade Wines has a comprehensive portfolio of global brands covering a diverse range of styles and price points. Its well-known brands in Australia include Hardy's, Houghton, Banrock Station, Berri, Stanley and Omni. The company produces and distributes wine, including to large retailers such as Woolworths and Coles in Australia and Tesco and Sainsbury's in the UK. It also holds a 50% interest in one of the largest UK alcoholic beverage wholesalers, Matthew Clark.
"This financing package will provide Accolade Wines with a flexible working capital solution which accommodates the fluctuating financing requirements of the industry," said Mr Butterfield.
CHAMP, which has offices in Sydney and Brisbane, Australia and affiliated offices in Singapore and New York, has invested across a broad range of sectors, including media, transport, industrial services, education, retail, agribusiness, health and financial services since inception in 1987. The relationship with GE Capital stretches back over five years, and has included provision of senior debt facilities for United Malt Holdings and ATF Services.
Katie Lennon
Corporate Communications Leader
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