Campari To Acquire Courvoisier Cognac For Up To $1.3 Billion

In case you missed yesterday’s news alert, Campari Group has agreed to acquire the Courvoisier Cognac brand from Beam Suntory for up to $1.3 billion, marking the company’s biggest acquisition to date. The deal includes an initial $1.2 billion and an earnout of up to $120 million, and is expected to close next year.

According to Impact Databank, Courvoisier had global volume of 1.2 million cases last year, ranking third after Hennessy and Rémy Martin in the Cognac category. In the U.S., Courvoisier ranks fourth at 610,000 cases. The brand had net sales of $249 million last year, Campari said, with 60% based in the U.S. Its maturing stock has a book value of $365 million.

Campari says the move will make Cognac the “fourth major leg” of its portfolio, along with aperitifs, Bourbon, and Tequila, noting that Courvoisier expands its premium range in the U.S. while offering “significant leverage into China and the larger Asia Pacific arena.” Courvoisier joins Grand Marnier, Bisquit Dubouche Cognac, Champagne Lallier, and Picon aperitif in Campari’s French brand stable.

In a conference call yesterday, outgoing Campari CEO Bob Kunze-Concewitz said the company will relaunch the brand to accelerate growth looking ahead. In the short term the Cognac category has faced significant challenges this year, owing to destocking coming out of the Covid cycle and increased competition from other categories such as Tequila. Here’s the full story.—Daniel Marsteller

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