CAMPARI GOES SHOPPING
Davide Campari-Milano recently announced that it is expanding its portfolio. The Italian drinks company will buy three liqueur brands for a combined enterprise value of EUR128.2 million, as part of its strategy of expanding outside its Italian market. Campari said it signed an accord to buy Irish cream liqueur brand Carolans, Italian hazelnut spirits brand Frangelico and the whiskey-based liqueur Irish Mist from William Grant & Sons. Campari also said the deal is fully self-financed and has reduced its excess capital. The buys strengthen the critical mass in the “highly-profitable US market and increases the group’s exposure to key international markets,” it said. The Milan-based company also said there is room for further M&A activities. Campari is continuing to increase its consumer diversification targeting women, thanks to the acquisitions of Carolans, the company said. The company purchased Wild Turkey bourbon last year and plans to rejuvenate the brand by targeting a younger consumer. Additionally, Campari continues to keep its eye out for possible new brand acquisitions.