Campari Group to acquire Courvoisier cognac from Beam Suntory in $1.3bn deal

Campari Group has entered into exclusive negotiations with Beam Suntory, Inc. to acquire 100% of the share capital of Beam Holding France S.A.S., which owns Courvoisier S.A.S., the esteemed cognac house. This acquisition, valued at an enterprise value of USD 1.32 billion (€1.22 billion), marks the largest deal in Campari Group’s history and represents a significant step in their US and strategic Asia presence.

Expansion into the Super Premium Cognac Category

Courvoisier, a premium top four historical cognac house, is known for its strong US and growing Asia Pacific footprint. This acquisition provides Campari Group with a unique opportunity to enter the top league of the super premium cognac category, positioning cognac as the fourth major leg of the company, alongside aperitifs, bourbon, and tequila.

Campari Group Sets Sights on Premium Cognac Market with Courvoisier Acquisition

Strengthening Global Brand Portfolio and Market Presence

The deal rationale, as outlined by Bob Kunze-Concewitz, CEO of Campari Group, emphasizes the latent equity and highly acclaimed expressions of Courvoisier. Matteo Fantacchiotti, Deputy CEO of Campari Group, notes that this acquisition will significantly enhance their premium spirits portfolio, particularly in the US and Asia-Pacific regions. Greg Hughes, President and CEO of Beam Suntory, expresses confidence in Campari Group’s ability to take Courvoisier to new heights.

Financial Structure and Future Growth Prospects

The fixed purchase price of the acquisition is USD 1.20 billion (€1.11 billion), with an additional payment of up to USD 0.12 billion (€0.11 billion) based on 2028 sales targets. Courvoisier’s net sales in 2022 stood at USD 249 million, with a strong maturing stock value. The acquisition is set to close in 2024, following regulatory approvals.

Advisory Roles and Closing Conditions

Goldman Sachs and PricewaterhouseCoopers Business Services acted as financial advisors for Campari Group, with legal advice from Allen & Overy Paris and New York, and tax advice from McDermott Will & Emery Italy and France, and Biscozzi Nobili Piazza.