By By Mauro Orru
Italian distiller Davide Campari-Milano has announced that it is engaging in exclusive negotiations with Beam Suntory, with plans to acquire Beam Holding France, the owner of Courvoisier cognac. The deal, valued at up to $1.32 billion, marks a significant move for Campari into the U.S. market and is set to be the largest deal in the company’s history.
Expanding the Global Portfolio
Campari’s Chief Executive, Bob Kunze-Concewitz, expressed excitement about the acquisition, stating that adding Courvoisier cognac to their portfolio of global priorities presents a rare and unique opportunity to expand their premium spirits collection and cognac offerings.
A Legacy of Craftsmanship and Prestige
Founded in 1828 by Felix Courvoisier in Jarnac, France, Courvoisier quickly became renowned for its exceptional quality. Its reputation was further solidified when it was appointed as the official supplier to the House of the Emperor by Napoleon III, making it a popular choice during the Belle Epoque.
Strong Market Presence and Potential
With net sales reaching $249 million in 2022, Courvoisier has established itself as a dominant player in the market. The United States accounts for approximately 60% of its sales, making it Courvoisier’s largest market. The United Kingdom and China follow closely behind.
Deputy CEO Matteo Fantacchiotti highlighted the significance of this deal by stating that it represents the largest transaction in Campari Group’s history. In addition to strengthening their position in the U.S., the acquisition of Courvoisier opens up long-term transformative potential in the strategically important Asia-Pacific region.
Looking Ahead
Campari anticipates finalizing the transaction in 2024, pending consultations with French employees’ representatives. The deal is subject to regulatory approvals and other customary closing conditions.
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