Campari completes $1.2bn acquisition of Courvoisier

By James Bayley

Published: 30 April, 2024

Campari Group has finalised the acquisition of Beam Holding France, the owner of Courvoisier Cognac House, in a deal valued at $1.17bn. This transaction, the largest in Campari's history, marks a significant milestone for the group, signalling its commitment to expansion in the spirits industry.

The agreement, described as ‘the most significant in Campari's history,’ is expected to fuel substantial growth in the US and enhance production and bottling capabilities in France. This strategic move represents Campari's sixth acquisition in sixty years and underscores its determination to maintain a prominent position in the spirits market.

Established in 1860, Campari has evolved into a global presence, operating in over 190 markets and boasting a diverse portfolio of more than fifty brands, including Grand Marnier, Aperol, Bisquit Dubouché Cognac and Picon. In 2022 Campari increased its revenue by 24% to €2.7bn, further demonstrating its strength within the industry.

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Despite challenges faced by the Cognac market, including a 20% decline in exports in 2022-2023 and a 40% drop in the US, Campari views the acquisition as an opportunity to revitalise Courvoisier and expand its production capacities. The acquisition is said to align with Campari’s long-term vision and commitment to driving growth and innovation in the spirits sector.

Founded in 1828 by Félix Courvoisier in Jarnac, Charente, Courvoisier holds a rich history, having been elected as the official supplier of the Imperial Court by Napoléon III in 1869. The brand's legacy extends to its presence in the royal courts of Europe and its association with landmarks such as the Eiffel Tower and the Moulin-Rouge. With 55% of its sales generated overseas and a revenue of €170m in 2021, Courvoisier continues to be a key player in the global spirits market.

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