The Bain Capital-controlled Accolade Wines Australia Limited has kept the door open for a deal with Pernod Ricard SA instead of a back-door listing with Australian Vintage, sources say, despite advanced talks with the latter. DataRoom understands that Accolade, which has brands including Hardys, St Hallett and Grant Burge, has been looking at both Pernod Ricard and Australian Vintage. That was part of a dual-track process which is understood to be continuing.

Pernod Ricard, which owns Australia's Jacob's Creek and New Zealand's Brandacott Estate, has had a suite of Australian assets up for sale through JPMorgan and Morgan Stanley, while the listed Australian Vintage has been in talks with Bain Capital about a backdoor listing of its Accolade into the business. It is understood Accolade and Australian Vintage carried out due diligence on each other and that the talks were well advanced amid a tough environment for the wine industry because of weaker demand and rising costs. However, there have been growing concerns that Bain may walk away from its plans to bring the business together with Australian Vintage following the departure of its Chief Executive Craig Garvin, which the company says is related to workplace behaviour.