Campari Group has successfully completed the acquisition of a 14.6% minority stake in Capevin Holdings Proprietary based in South Africa. The company indirectly owns 100% of CVH Spirits Limited, a Scottish company known for producing and distributing prestigious Single Malt whiskies such as Bunnahabhain, Deanston, Tobermory, and Ledaig, as well as blended whiskies including Scottish Leader and Black Bottle.
CVH Spirits was previously part of South Africa’s Distell Group, which Heineken acquired in 2023 (inside.beer, 9.3.2023). Following that deal, CVH became a separate entity, with Stellenbosch-based financial services company Remgro as its majority shareholder.
Campari’s acquisition of Capevin, valued at GBP 69.6 million (EUR 82.6 million), was financed using Campari's available cash reserves. This purchase grants Campari Group distribution rights for CVH Spirits Limited brands in key markets, including France and South Korea. Additionally, Campari has exercised its right to appoint a board member for Capevin Holdings and has secured governance rights to safeguard its minority interest.
This latest investment strengthens Campari's growing portfolio in the whisk(e)y sector, which already includes The Glen Grant, bourbons such as Wild Turkey (inside.beer, 4.4.2023) and Wilderness Trail (inside.beer, 31.10.2022), and the Canadian whisky brand Forty Creek.
The acquisition follows Campari Group's most significant deal in history, the purchase of French cognac brand Courvoisier for USD 1.3 billion in late 2023 (inside.beer, 15.12.2023). This deal was one of nearly 30 acquisitions Kunze-Concewitz oversaw during his tenure, which also included significant buys such as Grand Marnier in 2016 and Aperol in 2017. Kunze-Concewitz stepped down earlier this year, succeeded by Matteo Fantacchiotti.
Despite challenges ahead, Campari Group delivered organic growth of 3.8% in net sales during the first half of 2024, with a notable acceleration to 6.9% in the second quarter. Fantacchiotti, commenting on the company’s acquisitions, stated: “We’re drawn to underappreciated brands with rich heritage where we can reinvigorate their story, much like we’ve done with Courvoisier.”
This latest move reinforces Campari's commitment to expanding its presence in the premium spirits market, further solidifying its global footprint.
