Gruppo Campari has agreed to sell its Carolans and Irish Mist brands to US supplier Heaven Hill Brands in a deal worth $165 million.
As part of the transaction, Campari and Heaven Hill will enter into a multi-year exclusive distribution agreement, under which Campari will continue to distribute both products outside the US.
Irish Mist and Carolans were acquired by Gruppo Campari in 2010 as part of a larger portfolio which also included Frangelico.
Carolans is the second-largest selling Irish cream whiskey liqueur in the world. The product is produced in Ireland from fresh cream, honey and whiskey. Irish Mist is a blend of Irish whiskey, honey and natural aromatic spices.
In 2016 both products has total net sales of €34 million and they represented around 2% of Campari’s sales.
Gruppo Campari CEO Bob Kunze-Concewitz said: “The sale of Carolans and Irish Mist is the largest disposal ever completed by the Group. We are very pleased to sign this transaction with Heaven Hill, a prominent spirits company in the US and a perfect fit for Carolans and Irish Mist.
“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.”
Heaven Hills, which has the world’s second-largest inventory of Kentucky bourbon, also owns Admiral Nelson’s rum and Evan Williams bourbon.
Heaven Hill Brands president Max L. Shapira said: “Carolans and Irish Mist are great historic brands that are highly complementary to our broad portfolio of leading brands. We look forward to building on the strong success these brands have achieved both in the US and around the world.”
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