Accolade holds roadshow for potential investors

Accolade Wines is holding a roadshow for potential investors across Australia, New Zealand and Hong Kong next week as it gears up for its IPO listing next year.

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A spokesman for the wine giant’s parent company this morning confirmed to db a report in the Australian Financial Review that it was holding a “non-deal” roadshow, which the AFR said would give it greater visibility and “make the company more attractive to potential investors” ahead of its listing.

The Roadshow, which starts next Tuesday (6 December), is set to take in New Zealand, Melbourne and Sydney before heading to Hong Kong.

The spokesman confirmed to db that everything was going ahead “as normal” with the IPO, but wouldn’t comment on speculation in rival Oz newspaper The Australian which reported in October that a trade sale was a more likely route than a public listing, and listing several Chinese companies as potential buyers. However a later article noted the market was getting “crowded“.

Accolade was first rumoured to be mulling a public listing on the UK or Australian stock exchange as early as May, but only confirmed the speculation in August when it formally appointed Reunion Capital Partners as corporate advisors.

db understands that the listing is still on track to take place towards the middle of 2017 following an “orderly, logical approach”, with general manager Paul Schaafsma expected to stand down ahead of the IPO – although the spokesman would not be drawn on a potential timeline.

Schaafsma signaled his intent to step down from the Australian wine giant in August this year, announcing to the board he would remain in the role until the conclusion of Champ’s ownership, staying on board during potential talks with investors to ensure continuity.

Michael East, the general manager of its Australian and Asian business, was anointed as his successor and is set to take on an increasing role in the business as its new deputy chief executive.

Last week, forms filed at Companies House in London appeared to show the termination of Schaafsma’s directorship of the UK arm of the business, however the spokesman confirmed this was a routine part of the ongoing transition as he prepares to step down.

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