Campari snaps up brandsThis article was originally published in Foodnews
GRUPPO Campari has announced that it is to acquire the Carolans Irish cream liqueur, Frangelico premium liqueur and Irish Mist whiskey-based liqueur brands from William Grant & Sons for a purchase price of EUR129 million.Rob Selby writes: Italyâ€™s Campari said the three brands have a combined enterprise value of EUR128.2 million. The transaction is expected to close on 1 October 2010. It said the overall business acquisition is expected to contribute one million 9-litre cases and net sales of EUR50 million on an annual basis. Carolans has total volumes above 600 000 9-litre cases sold in more than 60 markets, with 60% of sales coming from the US. The US also accounts for 50% of Frangelicoâ€™s sales and is the largest market for Irish Mist, with which Campari will look to â€œexploit the strong momentum of the Irish whiskey categoryâ€�. Campari chief executive Bob Kunze-Concewitz said the brands would add to the groupâ€™s â€œcritical mass in the highly-profitable US market and strengthen our exposure to a number of key international markets, including Australia, Russia, Canada, Spain and the UKâ€�.