Italian Campari acquires Beam Holding France, owner of Courvoisier

The world of French spirits is seeing Beam Holding France, the owner of the renowned cognac brand Courvoisier, change hands to the Italians as Campari, the Italian giant in the sector, makes the acquisition. This deal, estimated at $1.2 billion, marks Campari's largest financial transaction in history and underscores its ambition for expansion. In May of last year, Campari had already acquired Picon, a significant French bitter brand owned by Diageo, for €119 million.

Campari intends to acquire 100% of the capital of Beam Holding France, with a large-scale operation expected to be finalized next year. According to the press release, the primary objective is "significant expansion in the United States." Beyond an increased presence in the American market, the acquisition will also boost production and bottling processes in France.

Founded in 1860 in Novara, Piedmont, Campari has made numerous acquisitions. The company has transitioned from a family-sized enterprise to a multinational with around fifty brands, including Grand Marnier, Picon, and Aperol, among others. Last year, the company reported revenues of €2.7 billion, a 24% increase compared to 2021.

The cognac sector is currently experiencing a turbulent period, with a significant decrease in exports in the 2022-2023 period and particularly mixed performance in the American market, where exports have dropped by 40%. Campari aims to revitalize the image of the historic Courvoisier brand, founded in 1828, and reconquer the American market, where the brand generated 55% of its revenue in 2021, totaling €170 million.

The acquisition deal also includes an additional price of $120 million, payable in 2029. Campari began acquiring iconic French brands in 2016, starting with Grand Marnier cognac, followed by the purchase of Bisquit Dubouché cognac in 2017, Martinique's Trois Rivières rum in 2019, Champagne Lallier in 2020, and finally Picon in 2022.