Another suitor has emerged for the embattled Australian wine company Accolade Wines Australia Limited - Bain Capital, LP, which is understood to have added Accolade to its shopping list of distressed targets. It's already eyeing a debt deal with Star Entertainment after refinancing Sanjeev Gupta's steel business InfraBuild and buying Virgin Australia out of administration in 2020 for $700 million. The talk in the market is that Bain - like another Australian mystery suitor - is looking to gain control of the company through the back door by acquiring its debt at a price between 25c and 35c in the dollar.

It comes after DataRoom reported that an Australian fund was making efforts to buy Accolade's debt at 40c in the dollar from its lenders, which are advised by Moelis. The play has been to acquire the business and break it up. Accolade last week sold its House of Arras brand to Handpicked Wines, with sources suggesting the business may be worth about $60 million or $70 million.

The company is advised by Rothschild & Co SCA (ENXTPA:ROTH).