Gruppo Campari will acquire independent gin brand Bulldog for $58.4 million.
The New York-based brand has been distributed through Campari’s network since 2014, after the companies agreed to an exclusive five-year agreement with the option to acquire the brand written into it. That deal wasn’t supposed to happen for another three years, but Campari has accelerated its purchase of the brand amid considerable growth.
The brand shipped around 150,000 cases and achieved net sales of over $12 million last year – increases of 24% and 22% respectively.
The value of the deal may increase further, with the option for Bulldog to receive an additional earn-out based on its performance through to 2021.
Bulldog was created in 2007 by entrepreneur and former JP Morgan investment banker Anshuman Vohra, who will stay on for a period of time as founder and brand ambassador.
“Bulldog has always been a labour of love for me,” said Vohra, “and I’m quite pleased to hand over control of Bulldog to a venerable institution, such as Gruppo Campari. I’ve had the pleasure of working with their very professional organisation for the last few years and am confident the brand will continue to excel in its new home.”
It is most recognisable for its iconic bottle and distinctive citrus flavour, and has been instrumental in growing the craft spirit scene in a number of countries.
The US aside, Spain, Germany, the UK and the Benelux countries are currently Bulldog’s biggest markets.
A spokesperson for Gruppo Campari added that acquiring Bulldog at this juncture was ‘a financially attractive proposition’.
The Italian spirits company added that the deal would allow it to ‘fully exploit the brand’s growth potential going forward’, as was particularly keen to take a greater role in shaping the brand’s marketing strategy as well as the brand-building initiatives.
Campari is best known for its flagship brand of bitter apéritifs.
It launched a ready-to-drink version of its Negroni cocktail in the UK this winter.
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