Italian company Campari Group, owner of Aperol, has acquired the French aperitif Picon from Diageo for €119 million ($125.5 million).
Created in 1837, Picon is a ‘market-leading’ aperitif that has achieved net sales of €21.5 million ($22.4 million) and CAAP of €12.9 million ($13.4 million) in the 2021 fiscal year.
According to sources, France is currently Campari Group’s fourth-biggest market (5.9% of the Group’s net sales).
With this acquisition, the company will strengthen its position in the French and Benelux aperitif markets and expand the brand portfolio in international markets.
John Kennedy, the European Diageo president said: “As part of our commitment to delivering consistent, efficient growth and value creation for our shareholders, we maintain a sharp focus on active portfolio management. This includes a disciplined approach to allocating resources and capital to ensure we maximise returns over time”.
The transaction of €119 million for the brand and its assets is said to have been purchased in cash.
Sources: Campari Group / The Spirit Business