Campari takes over Courvoisier

In a strategic move totaling 1.32 billion dollars, the Italian conglomerate seamlessly integrates one of the world's foremost cognac houses into its expansive portfolio

The Italian beverage and spirits behemoth, Campari, has clinched a monumental deal, acquiring the esteemed Courvoisier cognac brand from Beam Suntory for $1.32 billion (€1.22 billion). This transaction stands as the single largest expenditure in the annals of the company’s history.

Bob Kunze Concewitz, the CEO of Campari, expressed enthusiasm about the acquisition, characterizing Courvoisier as “One of the venerable quartet of historic cognac houses.” He emphasized the brand’s “substantial potential and distinguished expressions,” hailing the addition of Courvoisier to their global priority portfolio as “a rare and unique opportunity to bolster their premium spirits catalog.”

The acquisition involves no cash or financial debt. An additional payment of $120 million is slated for 2029, contingent upon the realization of net sales objectives in the fiscal year 2028. Financing for this strategic acquisition is fully underwritten by a €1.2 billion bridge loan, with a maturity extending up to 24 months from the transaction’s finalization. The consortium of banks facilitating this financial endeavor comprises Crédit Agricole Corporate and Investment Bank (serving as the global coordinator, mandated lead arranger, book-runner, and underwriter), Intesa Sanpaolo (IMI CIB Division), Bank of America, Goldman Sachs Bank Europe SE, and Mediobanca (each assuming the role of mandated lead arranger, book-runner, and underwriter).


Established in 1828 by Félix Courvoisier in Jarnac, within the Charente region of France, Maison Courvoisier has grown to be a venerable name in the cognac arena. In 2022, the business, inclusive of the Salignac brand, notched up net sales totaling €249 million, boasting a contribution margin of €78 million. The ten-month period ending October 31, 2023, witnessed net sales reaching €148 million.

Courvoisier’s principal market is the United States, commanding a substantial 60% share of net sales in 2022. The United Kingdom and China follow closely, constituting a combined 25% of revenues. Global travel retail contributed slightly over 3% to the overall sales.

Campari’s acquisition encompasses more than the illustrious brand name. It includes a warehouse stocked with maturing eaux-de-vie, carrying a valuation of $365 million as of the close of October last year. The acquisition covers brands and production facilities – including distillation plants, warehouses, vineyards, a visitor center, and a château – along with blending facilities, aging cellars, and a state-of-the-art automated bottling plant.

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