Heaven Hill Acquires Carolans And Irish Mist Liqueurs From Campari For $165 MillionJuly 24, 2017
Heaven Hill has bolstered its liqueurs stable with an agreement to acquire the Carolans and Irish Mist labels from Campari for $165 million. The deal is expected to close August 1.
Carolans and Irish Mist had combined net sales of $34 million last year, accounting for about 2% of Gruppo Campari’s total sales. The U.S. is the liqueur brands’ major market, comprising about 70% of their annual revenue. Carolans was roughly flat at 364,000 cases in the U.S. last year, according to Impact Databank, while Irish Mist has a smaller presence. Globally, Carolans is the second-largest-selling Irish cream liqueur after Baileys.
The two Irish brands join an existing Heaven Hill liqueurs stable that includes Hpnotiq, Pama and Domaine de Canton ginger liqueur. Under the deal, Campari will continue to handle Carolans and Irish Mist outside the U.S. market.
Campari acquired Carolans and Irish Mist (along with Frangelico) from William Grant & Sons for $144 million in 2010. Campari said the divestiture was in line with its effort to sharpen focus on its priority brands. —Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.