Gruppo Campari has sold its Carolans and Irish Mist brands to Heaven Hill for $165 million - it's largest sale to date. The deal includes both brand names, as well as inventory and production assets.
"Carolans and Irish Mist are great historic brands that are highly complementary to our broad portfolio of leading brands," says Heaven Hill president Max Shapira in a statement. "We look forward to building on the strong success these brands have achieved both in the US and around the world."
Campari initially acquired Carolans and Irish Mist in 2010 in a deal for Frangelico bought from William Grant & Sons for $144 million. But in 2016 Campari began a series of deals that would significantly alter the portfolio including: acquiring a controlling stake in Grand Marnier's parent company Societe des Produits Marnier Lapostolle for $760 million; then selling its Italian still wine business for $66 million, the Chilean wine business for $31 million, Chateau de Sancerre for $22 million; as well as the Bulldog gin acquisition for $58.4 million earlier this year.
"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 US market. Moreover, thanks to this disposal, we can further accelerate in the reduction of our financial indebtedness," says Campari chief Bob Kunze-Concewitz in a statement.
Heaven Hill will begin handling the brands in the US, but Campari will continue to distribute them for Heaven Hill outside of the US.
The deal is expected to close by August 1.
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