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Campari focuses on Marnier with wine sell-off
Gruppo Campari has sold its Lapostolle wine and pisco business, acquired as part of its takeover of Grand Marnier’s parent company, back to the Marnier family for €30 million (US$31m).
Gruppo Campari took control of Grand Marnier as part of its friendly takeover of the French liqueur’s parent company
Earlier this year Campari took control of the French liqueur brand as part of its friendly takeover of parent company Société des Produits Marnier Lapostolle (SPML). The Chilean Lapostolle winery, founded by Alexandra Marnier Lapostolle in 1994, was included in the deal.
Over the festive period, Gruppo Campari signed an agreement to dispose of the business, returning it to family control.
Since the beginning of 2016, Campari has sold off non-core assets worth €96 million (US$100m) as part of its wider strategy to focus on its core spirits business.
“The disposal of the Chilean wine business, which entered into Gruppo Campari’s perimeter in the context of the Grand Marnier acquisition, follows the sale of the Italian still wine business”, said Bob Kunze-Concewitz, Gruppo Campari CEO.
“With this transaction Gruppo Campari confirms its commitment to fully exit the still wine business, continue to streamline its non-core activities and increase its focus on the core spirits business.”
The transaction is expected to close in the next two months, and includes 370 hectares across three different vineyards, vinification and production plants, inventory, real estate assets and the Lapostolle Residence.
In July last year, Davide Campari-Milano delisted Grand Marnier’s parent company from Euronext Paris as part of the takeover.