Gruppo Campari announced the signing of an agreement for the sale of the non-core business Casoni Fabbricazione Liquori S.p.A., an Italian company wholly owned by Fratelli Averna S.p.A..
Casoni Fabbricazione Liquori S.p.A., specialized in the production of private label alcoholic beverages and co-packing activities. Casoni became part of Campari’s business in June 2014 within the acquisition of Averna Group, the owner, in particular, of Amaro Averna and Braulio brands.
Following the acquisition, the Group started a reorganization process of the Averna Group business aiming at achieving synergies via the transfer of bottling and distribution activities relating to strategic brands into Gruppo Campari’s existing platform as well as optimising the acquired portfolio via the sale of the non-core brand Limoncetta, finalized in January 2015. The disposal of Casoni Fabbricazione Liquori continues Campari’s plan to divest programs involving non-core and low margin businesses in line with its announced strategy.
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The business will be sold to a pool of local entrepreneurs, mainly consists of production plants located in Modena, Italy, and Pribenìk, Slovak Republic.
The overall deal value is $5.8 million (€ 5.3 million) and includes a net financial position of approximately $2.5 million (€ 2.3 million.) The deal closing is expected to be by the end of March 2016.
This transaction underlines Gruppo Campari strategy of strengthening its focus on its core high-margin spirits business by streamlining its non-core businesses. Besides the sale of the Limoncetta brand in Italy in January 2015 (consideration of € 7.0 million), Gruppo Campari completed the disposals of the Punch Barbieri brand in Italy in February 2013 (consideration of € 4.5 million), the Jamaican division Federated Pharmaceutical in Jamaica in March 2015 (consideration of € 13.0 million), the Enrico Serafino S.r.l. winery in Italy in June 2015 (consideration of € 6.1 million) and the Agri-Chemicals division of J. Wray & Nephew Limited in Jamaica in July 2015 (consideration of € 7.3 million). Lastly, during the first quarter 2015, Gruppo Campari exited the third party distribution agreements of general merchandise in Jamaica.
Gruppo Campari is a major player in the global beverage sector, trading in over 190 nations around the world with leading positions in Europe and the Americas. The Group was founded in 1860 and today is the sixth-largest player worldwide in the premium spirits industry. The Group’s portfolio, with over 50 brands, spans spirits, the core business, wines and soft drinks. Internationally-renowned brands include Aperol, Appleton Estate, Campari, SKYY and Wild Turkey.