Campari Group has flexed its M&A muscle once again, buying a minority stake in the owner of a raft of scotch whisky brands.
The company, which acquired the Courvoisier cognac from Suntory Global Spirits late last year, has spent EUR82.6m (US$91.8m) on a 14.6% holding in Capevin Holdings. The South African business, formerly part of Distell Group, owns CVH Spirits, home to single malts Bunnahabhain, Deanston, Ledaig and Tobermory as well as the Black Bottle and Scottish Leader blended brands.
The move ups Campari Group’s exposure in scotch where it currently has The Glen Grant single malt.
Bunnahabhain is produced on the western island of Islay, while Ledaig and Tobermory both hail from the same island as the latter brand’s name. Deanston, meanwhile, is CVH’s largest distillery and is based in the Highland whisky producing region.
When contacted by Global Drinks Intel, a spokesperson declined to detail future plans for CVH, given Campari Group’s history of buying brands outright rather than settling for a minority stake. The company, which also owns the Wild Turkey American whiskey brand, will have an individual representation on the board as well as “additional governance rights to protect its minority position”.
CVH Spirits came into being last year after Heineken completed its protracted purchase of Distell. South African conglomerate Remgro, the main beneficiary from the acquisition, chose at the time to retain Capevin Holdings and its scotch brands, although Distell’s flagship liqueur brand, Amarula, went to Heineken.
In November, the position of CEO at CVH was taken up by Steven Nathan, who was MD for international at Distell from 2014 to 2018.
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- Diageo
- Moët Hennessy
- Pernod Ricard
- Proximo Spirits
- Suntory Global Spirits
- William Grant & Sons
