ITALY: Gruppo Campari lines up US$143m Averna Group buy
Campari already owns Italian liqueur brand Aperol
Gruppo Campari has agreed to pay EUR103.75m (US$143m) for Italian liqueur maker Averna Group.
The companies announced today (15 April) that Campari will acquire 100% of the group, which owns Italy's second best-selling bitter Averna. Averna's portfolio also includes Grappa Frattina, which will represent Campari's first move into the segment.
Bob Kunze-Concewitz, Campari's CEO, said the deal will help increase the company's “critical mass” in Europe and position it to take advantage of growing US interest in Italian bitters and liqueurs in the on-trade.
The deal is expected to close on 3 June, with Campari paying in cash. Italy represents about 65% of Averna Group's total sales, with main international markets including Germany and Austria.
Other Averna brands include Braulio, a herb-based bitter, and Limoncetta, a natural sweet liqueur made of lemon peel.
Campari already owns Italian liqueur brand Aperol, which this year signed a global sponsorship deal with English football club Manchester United. However, a drop in full-year sales in Aperol's core German market has dragged down Campari's performance in Western Europe.
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