Gruppo Campari has agreed a €103.75 million deal to acquire Fratelli Averna Group, the Sicilian spirits company which owns the second best-selling bitters brand in Italy.
The acquisition of Averna Group strengthens Gruppo Campari’s leadership in the Italian bitters and liqueurs categories.
Among Averna Group's portolio are Braulio, a herb-based bitter, sold mainly in Northern Italy; Limoncetta, a natural sweet liqueur made of lemon peel; and Grappa Frattina, the acquisition of which signals Gruppo Campari’s entry into the grappa category.
The deal is said to increase the group’s presence in Central Europe, particularly Germany, and gives added growth potential in North America - centrally the US where there is increased interest in bitters from bartenders and consumers.
Bob Kunze-Concewitz, chief executive officer, said: “With the acquisition of Averna Group, we continue to strengthen our portfolio of premium offerings and consolidate our position as the leading purveyor of premium Italian liqueur and bitter specialties worldwide.
“Adding a portfolio of brands with high quality, high margin and strong cash generation capability, this acquisition represents a great opportunity for us to leverage our international route-to-market for profitable growth, in line with our acquisition strategy."
The Averna family commented: ‘We pass the leadership of our business to Gruppo Campari, who has very deep roots in Italian traditions and values in the beverage sector with more than 150 years history. We are confident that Gruppo Campari will efficiently develop the business that has been managed by five generations of our family, who first of all associated its name with the iconic bitter product, and developed other high quality products as well."
The closing date of the transaction is expected to be 3 June.
© 2014 - European Supermarket Magazine by Enda Dowling
To sign up to ESM’s weekly e-zine newsletter, send an email with the subject: ‘Subscribe ESM news’ to [email protected]
