Tyrrell's Wines, based in the Hunter Valley of New South Wales and one of the few remaining family owned wines of significant size in Australia, is to sell what is probably its best-known brand, Long Flat.

Introduced in 1966 there are three Long Flat table wines which together have annual sales of more than 300,000 cases generating revenue of over A$14m (US$7.4m), from domestic and export markets.

Tyrrell's has retained Grant Samuel Corporate Finance as advisers and plans to use the proceeds to develop and expand the remainder of its business. Industry analysts say Australian brands typically sell for 1.5-2 times annual revenue implying a value of A$28m, approx US$14.8m.