The owner of Accolade Wines has completed the purchase of a clutch of wine assets from Pernod Ricard, creating the new wine company Vinarchy.

The freshly minted company combines the assets of Accolade Wines with the Australian, New Zealand and Spanish wine operations formerly owned by Pernod Ricard, which were acquired by Accolade owner Australian Wine Holdco Limited earlier this month after a deal announced last year.

The assets include wines from three different origin countries, including Jacob’s Creek, Orlando and St Hugo from Australia, Brancott Estate, Stoneleigh and Church Road from New Zealand, as well as Campo Viejo, Ysios, Tarsus and Azpilicueta from Spain.

The labels join the Accolade portfolio of Hardys, Echo Falls and Jam Shed.

Pernod Ricard said it will continue to distribute the wine portfolio for "a few months, facilitating a smooth transition across the globe".

The Absolut vodka producer said the asset sale will enable it to focus on its premium international spirits and Champagne brands. It is retaining wine brands including Etchart in Argentina, Chateau Sainte Marguerite in France and Kenwood Vineyards in the US.

Vinarchy says it has A$1.5bn ($960m) in annual net sales revenue,1,600 staff and operations in multiple countries. The company now has 11 wineries in Australia, New Zealand, South Africa, and Spain, producing more than 32m nine-litre cases annually. It owns Berri Estates in South Australia, which it calls the largest winery in the Southern Hemisphere.

Vinarchy executive chairman Ben Clarke said the company could meet the challenges facing wine markets. “The global wine industry faces serious structural challenges. Global wine consumption has been declining for years, driven by changing consumer preferences and a shift to lower-alcohol drinks," he said.

"Vinarchy will be bold and imaginative in meeting these challenges. With our enhanced scale, brand investment program, innovation capability and industry-leading talent, we believe can meet many of the challenges that the industry faces."

AWL describes itself as “a consortium of international institutional investors”, made up of funds from private-equity firms Bain Capital, Sona Asset Management, Samuel Terry Asset Management, Intermediate Capital Group and Capital Four.

The consortium acquired Accolade in February last year as part of a recapitalisation plan to salvage what was described at the time as the wine group’s “unsustainable balance sheet”.