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venerdì 14 dic 2018
HomeCompaniesCampari sells Carolans and Irish Mist to Heaven Hill Brands

Campari sells Carolans and Irish Mist to Heaven Hill Brands

Campari sells Carolans and Irish Mist to Heaven Hill Brands

The Gruppo Campari announced that it has signed an agreement to sell off the brands Carolans and Irish Mist to Heaven Hill Brands, via a sale of 100% of its share capital in TJ Carolan & Son Ltd., a wholly owned subsidiary.

The deal is worth $165 million (141.7 million at the current exchange rate) on a cash-free/debt-free basis, subject to customary price adjustment mechanisms. The businesses to be sold off includes the Carolans Irish Cream and Irish Mist (Irish Mist Liqueur and Irish Mist Whiskey) trademarks, as well as inventory and production assets.

In the fiscal year that ended Dec. 31, 2016, Carolans and Irish Mist reached total net sales of € 34 million and a CAAP (Contribution after A&P) of € 16.3 million.

The brands’ sales represented approximately 2% of Gruppo Campari net sales in FY2016. The core market for the brands is the United States, which accounted for 70% of the FY2016 net sales. The overall deal consideration corresponds to a CAAP multiple of approximately 9 times. The deal is expected to close by the beginning of August 2017.

Made in Ireland from the finest Irish ingredients including fresh cream, honey and Irish whiskey, Carolans is the second-largest selling Irish cream whiskey liqueur worldwide. Irish Mist Liqueur, the first liqueur to be produced in Ireland, is a blend of Irish whiskey, honey and natural aromatic spices.

Heaven Hill Brands is the U.S.’s largest independent family-owned and operated distilled spirits company and is headquartered in Bardstown, Kentucky.

“The sale of Carolans and Irish Mist is the largest disposal ever completed by the Group,” said Bob Kunze-Concewitz (pictured), CEO of the Gruppo Compari. “With this transaction, we continue to streamline our non-strategic portfolio and further increase our focus on our priority spirit brands, particularly in our largest and core U.S. market. Moreover, thanks to this disposal, we can further accelerate in the reduction of our financial indebtedness. Since the beginning of 2016 we have divested non-strategic assets for a total value of approximately € 260 million.”

 

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