The French drinks group, Remy-Cointreau, has sold its Australian wine subsidiary, Blue Pyrenees Estate, to two Sydney businessmen, John Ellis and Bill Anderson, for A$15m, according to press reports in Australia.

The estate, in the Central Victoria area, was the group's only wine interest in Australia and it had owned the business for some 40 years. The sale includes 185 hectares of vineyards.

Blue Pyrenees produces around 90,000 cases of wine a year, with annual sales thought to be in the region of A$15m. The company's principal brands are Blue Pyrenees, Fiddler's Creek and Ghost Gum.

Remy-Cointreau had put the company up for sale in late-2001, and was thought to have originally put a A$20m price tag on the business. Initially, a management buyout had seemed likely but this deal foundered.