Campari sells Carolans and Irish Mist for US$165m

Gruppo Campari has agreed to sell Carolans and Irish Mist to Heaven Hill Brands for US$165 million through the complete sale of its subsidiary TJ Carolan & Son Ltd.

Gruppo Campari has sold its Carolans and Irish Mist brands to Heaven Hill for US$165m

The sale comprises Carolans Irish Cream Liqueur and Irish Mist, which includes Irish Mist Liqueur and Irish Mist Whiskey. The acquisition is expected to be finalised by 1 August 2017.

As part of the sale, Gruppo Campari and Heaven Hill Brands have agreed a multi-year exclusive distribution agreement for Gruppo Campari to continue distributing Carolans and Irish Mist brands in international markets outside of the US.

Established in 1978 and initially launched in the UK in July 1979, Carolans is now the second biggest-selling Irish cream whiskey liqueur in the world, and is made with fresh cream, honey and Irish whiskey.

First produced in Ireland at Tullamore, Irish Mist was the first liqueur to be made in Ireland from a blend of Irish whiskey, honey and spices. Both brands were bought by Gruppo Campari in 2010.

Bob Kunze-Concewitz, chief executive officer at Gruppo Campari, said: “The sale of Carolans and Irish Mist is the largest disposal ever completed by the group.

“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 €260m.”

Max L Shapira, president of Heaven Hill Brands, said the brands were “certainly complementary fits for a Heaven Hill portfolio”.

“We look forward to building on the success these brands have achieved both in the US and around the world,” he added.