Campari Group has announced its acquisition of French bitter apéritif brand, Picon, from Diageo for around €119 million.
The acquisition will expand Campari’s bitter apéritif offering in international markets. The deal will also help strengthen the group’s position in the French market.
Picon, which is described as a bittersweet orange apéritif, is made with herbs and dried oranges. The apéritif is available in two variants: Amer Picon Club, an orange-based liqueur, and Amer Picon Bière.
In a statement, Campari said: “For the fiscal year ended on 30 June 2021, the brand achieved net sales of €21.5 million…The brand generates almost 80% of its sales in France, where it has a leading position in the bitter apéritif category, whilst the remaining sales are mostly generated in the Benelux markets.”
Diageo’s president, Europe, John Kennedy, 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. Whilst Picon has a strong heritage and loyal consumer base in France and Belgium, today’s announcement is another example of this strategy in action.”
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