Lion has offloaded its Australian premium wine business to Hardy's owner Accolade Wines for an undisclosed sum after deciding against further investment.
Lion, which also owns brands including Toohey's, XXXX and Dairy Farmers milk, is selling the Petaluma, Croser, St Hallett, Knappstein, Stonier and Tatachilla brands, four Australian wineries and distribution networks, but will retain its NZ and US wine businesses.
"Lion has a range of competing opportunities for investment in its core categories of beer and cider and has been unable to prioritise the investment required to grow Fine Wine Partners to a size justifying its fixed cost base," Lion chief executive Stuart Irvine said in a statement on Monday.
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