Campari Buys Minority Stake in Capevin for $92 Million
By Andrea Figueras
Italy's Davide Campari-Milano said it completed the acquisition from ODC of a minority stake in Capevin Holdings for 69.6 million pounds ($92 million).
The maker of Aperol and Campari aperitifs said Tuesday that the transaction--which was financed using available cash--is for a 14.6% minority stake in the South African holding company.
Capevin Holdings indirectly owns the Scottish company CVH Spirits, which produces and distributes single malt and blended whiskies, including brands such as Bunnahabhain, Deanston and Black Bottle.
Campari appointed a member to Capevin Holdings' board in accordance with the memorandum of incorporation and said it has additional governance rights to shield its minority position.
Following the agreement, the Italian company also holds distribution rights for CVH Spirits' brands in France and South Korea.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
September 17, 2024 07:21 ET (11:21 GMT)
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