Campari To Buy Grand Marnier

March 15, 2016 by  

Campari To Buy Grand Marnier, Gruppo Campari said on Tuesday that it had agreed to buy the French maker of the liqueur Grand Marnier in a deal that values the company at 684 million euros, or about $761 million.

Under the deal, Campari, an Italian spirits maker, would initially acquire about 20 percent of the shares of Société des Produits Marnier Lapostolle, the maker of Grand Marnier, from the family that controls the company. Campari would then acquire the remainder of the family’s holdings by 2021. That would give Campari a 28.8 percent stake.

Campari said it would also look to acquire the remaining shares of the company in a tender offer, in which it would pay €8,050 a share in cash. That would be a 60 percent premium to Société des Produits Marnier Lapostolle’s closing price on Friday.

“This acquisition represents a perfect fit with our external growth strategy in terms of brand profile, distribution and financial framework,” Bob Kunze-Concewitz, the Campari chief executive, said in a news release.

“With Grand Marnier,” he added, “we further consolidate our position as the leading purveyor of premium liqueurs and bitter specialties worldwide.”

Trading in shares of Société des Produits Marnier Lapostolle was halted on Tuesday morning, while shares of Campari rose 1.7 percent.

Campari said it would seek to delist Société des Produits Marnier Lapostolle if it acquired a stake of more than 95 percent.

As part of the transaction, Campari has entered into an exclusive agreement to act as the worldwide distributor for Grand Marnier products.

Société des Produits Marnier Lapostolle was founded in 1827 and has produced its signature product, Grand Marnier, a blend of cognac and essence of bitter orange, since 1880. The company posted revenue of €151.7 million in 2015.

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