Italian spirits group Campari said on Monday it had reached an agreement to buy an initial 70% stake in Wilderness Trail Distillery for $420 million, strengthening its bourbon offer.
Under the agreement, Campari has an option to buy the remaining 30% of the Kentucky-based producer of bourbon and rye whiskey in 2031.
Chief Executive Bob Kunze-Concewitz said
“By adding the fast-growing super premium Wilderness Trail brand we further expand and premiumise our bourbon offering, priming it to become Campari Group’s second major leg after the aperitif portfolio”.
Kunze-Concewitz highlighted the importance of the U.S. market for potential expansion and said it wanted to grow its business in aged spirits.
Campari said it would finance the deal, which is expected to close before year end, with a combination of available cash and bank term loans, increasing the current net debt.Follow us on social media