CAMPARI ACQUIRES APPLETON RUM
It’s been a busy year for Grupo Campari. The Italian drinks company has announced it will purchase Lascelles deMercado & Co., the Jamaican maker of Appleton rum, in a deal worth $414.8 million to hasten the Italian distiller’s push into overseas markets. Campari agreed to buy a controlling 81.4 percent stake and will make a formal tender offer for all the shares. The acquisition is the third-largest by Campari, and marks the company’s entry into the rum category. The distiller said the deal will give it a market-leading position in Jamaica and provide growth potential in the US, Canada and Mexico. Lascelles deMercado’s brands include Wray & Nephew and Coruba. The purchase of the stake and the tender offer are expected to take place in the fourth quarter, Campari said. The deal does not include Lascelles deMercado’s other assets in insurance, transportation and other securities, which are being divested.