Gruppo Campari (GC), owner of a diverse portfolio of drinks brands including Campari, Aperol, Wray & Nephew, Appleton’s and Wild Turkey, announced today that it had reached an agreement with SPML to acquire control of the company, immediately acquiring 17.19% of shares.
In what it describes as “afriendly takeover” GC plans to gain majority control via a tender offer on the French stock exchange having valued SPML at €684 million (£537m). If Campari fails to gain more than half the shares through the tender offer, the family shareholders have agreed to sell their remaining shares (28.8%) to give GCi a controlling stake from 2021.
In addition, Campari will assume global distribution rights for SPML’s spirits brands, which include Grand Marnier Cordon Rouge, Cherry Marnier, Louis Alexandre, Cuvée du Centenaire, Cuvée du Cent Cinquantenaire and Quintessence, as of July 1 this year.
“This acquisition represents a perfect fit with our external growth strategy in terms of brand profile, distribution and financial framework”, said Bob Kunze-Concewitz, CEO of Gruppo Campari of the move. “With Grand Marnier, we add a premium and distinctive brand to our Global Priorities portfolio, thus driving richer product mix, and we further consolidate our position as the leading purveyor of premium liqueurs and bitter specialties worldwide.”
SPML, founded in 1827, is headquartered in Paris and is known for its premium liqueurs and eaux-de-vie.
“Grand Marnier will benefit from the strategic focus of the strengthened Gruppo Campari RTM as a key Brand within our Global Priorities portfolio across all markets,” said Kunze-Concewitz. “By acquiring Grand Marnier, we continue leveraging our acquisition framework in a very disciplined and consistent manner also from a financial view point as we consolidate a high-margin brand and cash generative business, expected to determine an immediate accretive effect on the existing business.”