Campari Group
completed the acquisition of
Courvoisier S.A.S
., including the Courvoisier brand, for
US$1.17 billion
. The deal also includes additional payments and a potential earn-out of up to
US$120 million
in 2029 based on net sales targets.
Key Highlights:
*
Campari Group
completed the acquisition of Beam Holdings France S.A.S.
* The book value of maturing inventory included in the price paid was
US$410 million
* An additional amount of c.
US$30 million
(c. €28 million) related to finished goods will be paid to the Seller
Original Press Release:
Milan
,
April 30
--
Campari Group
issued the following news release:
Campari Group
announces today the successful completion of the acquisition of 100% of Beam Holdings France S.A.S. (now renamed
Courvoisier Holding France S.A.S
.), which in turn owns 100% of
Courvoisier S.A.S
., the owner of the Courvoisier brand, in accordance with the terms of the acquisition agreement disclosed on
December 14th
, 2023.
On such date,
Campari Group
entered into exclusive negotiations with
Beam Suntory Inc.
(the ‘Seller’) who was granted a put option. The signing of the agreement occurred on
February 26th, 2024
followed by the satisfaction of the conditions precedent which included the consultation of the French employees’ representatives and the fulfilment of various applicable regulatory processes, including antitrust.
The purchase price paid amounted to
US$1.17 billion
(corresponding to €1.08 billion at the hedged currency rate). At closing, the book value of maturing inventory estimated at
April 30th
, 2024 and included in the price paid was
US$410 million
.
In addition to the price paid, an estimated amount of c.
US$30 million
(c. €28 million at the closing date currency rate) related to finished goods in the Seller’s in-market companies will be paid to Seller by
Campari Group
according to a stock transfer agreement.
Therefore, the upfront Enterprise Value is
US$1.20 billion
(€1.11 billion) corresponding to the sum of the above purchase price paid and the value of finished goods stock take. In addition, an earn-out for a maximum amount of
US$120 million
(€112 million at the closing date currency rate) will be payable in 2029 based on the achievement of net sales targets realised in full year 2028, as previously disclosed. Hence, should the earn-out be paid, the total Enterprise Value is confirmed at
US$1.32 billion
(€1.22 billion).
The purchase price and finished goods stock take are still subject to the customary price adjustment mechanisms to be calculated in the next 90 days.
The transaction was financed in cash using the Group’s available resources resulting from the combined offering of newly issued shares (€650 million) and convertible bond (€550 million) offer directed to qualified investors on
January 10th, 2024
.
The consolidation effect of this acquisition will be reflected in
Campari Group
financials from the closing date onwards.
ABOUT CAMPARI GROUP
Campari Group
is a major player in the global spirits industry, with a portfolio of over 50 premium and super premium brands, spreading across Global, Regional and Local priorities. Global Priorities, the Group’s key focus, include Aperol, Campari, SKYY, Grand Marnier, Espolòn, Courvoisier, Wild Turkey and
Appleton Estate
. The Group was founded in 1860 and today is the sixth-largest player worldwide in the premium spirits industry. It has a global distribution reach, trading in over 190 nations around the world with leading positions in
Europe
and the
Americas
. Campari Group’s growth strategy aims to combine organic growth through strong brand building and external growth via selective acquisitions of brands and businesses. Headquartered in
Milan, Italy
,
Campari Group
operates in 23 production sites worldwide and has its own distribution network in 26 countries.
Campari Group
employs approximately 4,900 people. The shares of the parent company
Davide Campari-Milano N.V.
(Reuters CPRI.MI - Bloomberg CPR IM) have been listed on the
Italian Stock Exchange
since 2001. For more information: http://www.camparigroup.com/en. Please enjoy our brands responsibly.
Source:
Campari Group
[Category: M&A Activities]
