Deal to be paid in cash. Appleton, Wray and Nephew and Coruba brands sold
The Financial Times, Reuters, Bloomberg and a number of new sources including the Gleaner have reported that 81.4% of Jamaica’s Lascelles is being sold to Italy’s Campari for US$414.8 million or around 330 million Euros.
Gruppo Campari is to buy the spirits business of Jamaican rum maker Lascelles DeMercado for as much as $415m in a deal that marks a continuation of the Italian drinks company’s strategy of offsetting stagnant sales at home by expanding through foreign acquisitions.
Campari, also owner of Glen Grant whisky, said it agreed to buy an 81.4 percent stake from ailing Caribbean state-owned conglomerate CL Financial, valuing the target at $414.8 million, or around 330 million euros, making it Campari’s third-biggest acquisition behind Skyy vodka and Wild Turkey bourbon.
Campari Enters the Rum Category
This is Campari’s entry in the rum category. Bloomberg reports
Campari agreed to buy a controlling 81.4 percent stake and will make a formal tender offer for all the shares, the Milan- based company said today in a statement.
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 U.S., Canada and Mexico. Lascelles deMercado’s brands include Wray & Nephew and Coruba.
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