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Campari Group agrees to buy French rum producer Rhumantilles

Davide Campari-Milano SpA said Sept. 5 that it agreed to acquire French liquor company Rhumantilles SAS for an enterprise value of €60 million.

The Italian distiller will buy the Rhumantilles from Groupe Chevrillon and a group of minority shareholders.

The transaction represents 9.5x of the historic multiple of the contribution after advertising and promotion, or CAAP, for 2018 that was equal to €6.5 million, Campari said.

The acquisition will help Campari strengthen its rum portfolio with the addition of French rum brands Trois Rivières, Maison La Mauny and Duquesne, produced by Rhumantilles' subsidiary The Bellonnie Bourdillon et Successeurs Company Inc.

The Italian company said the deal will also improve its presence in France, which is one of its strategic markets.

The transaction is expected to be completed in the fourth quarter of 2019.