Campari Primed For Sizeable Acquisition, Analysts Say

Campari Group has made no secret of its intention to continue enhancing its scale, including with a potential big acquisition play. Earlier this year, CEO Bob Kunze-Concewitz told the Wall Street Journal, “We have been gearing up for it organizationally for a long time,” adding that the company’s investments in infrastructure—including in American whiskey and Tequila—will “enable us to manager a much larger business.”

Analysts at Deutsche Bank now say Campari has €30 billion ($33b) at its disposal to put toward potential transformative deals if it wishes. The bank identified Edrington, Remy Cointreau, and William Grant & Sons as companies that might fit with Campari’s goals of expanding in the U.S. and Asia, were they interested in making a deal.

Edrington recently posted sales up 22% to $1.4 billion for the 12 months through March, led by flagship brand The Macallan, and would markedly increase Campari’s position in single malt Scotch. So too would William Grant with the likes of Glenfiddich and The Balvenie. Remy Cointreau, with sales up 10% to $1.7 billion in its latest fiscal year, would immediately give Campari a strong position in Cognac via its Remy Martin brand.

Campari’s full-year sales increased 16% to nearly $3 billion last year. According to Impact Databank, the company’s global volume grew 10% to 33.5 million cases in 2022. Ugo Fiorenzo, Campari’s managing director, business unit Americas, will be among the featured speakers at The 47th Annual Impact Marketing Seminar in New York on October 4.—Daniel Marsteller

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