Campari, the Italian wine and spirits firm, has announced that it has reached an agreement to sell the Carolans and Irish Mist liqueur brands to Heaven Hill Brands, America’s largest independent family-owned and operated distilled-spirits company, for $165 million.
According to Campari, the sale of 100% of the share capital was made through TJ Carolan & Son Ltd – a wholly owned subsidiary – and the deal includes the sale of the Carolans Irish Cream and Irish Mist trademarks, as well as inventory and production assets.
Bob Kunze-Concewitz, Campari CEO, said: “With this transaction, we continue to streamline our non-strategic portfolio and further increase our focus on our priority spirit brands, particularly in our largest and core US market. Moreover, thanks to this disposal, we can further accelerate in the reduction of our financial indebtedness. Since the beginning of 2016, we have divested non-strategic assets, for a total value of approximately €260 million ($305 million)”.
The transaction is expected to be concluded by 1 August 2017, although after this date Campari will continue distributing both Carolans and Irish Mist to markets outside the US.