Campari Group has successfully completed the acquisition of 100% of Beam Holdings France S.A.S., now known as Courvoisier Holding France S.A.S., which in turn owns the Courvoisier brand. The acquisition agreement was disclosed on December 14th, 2023.
The purchase price paid for this acquisition was US$1.17 billion (equivalent to €1.08 billion at the hedged currency rate). At closing, the book value of maturing inventory, estimated as of April 30th, 2024, and included in the price paid, was US$410 million.
In addition to the price paid, Campari Group will pay an estimated amount of approximately US$30 million (around €28 million) related to finished goods in the seller’s in-market companies as per a stock transfer agreement.
The upfront Enterprise Value of this acquisition amounts to US$1.20 billion (€1.11 billion), which is the sum of the purchase price paid and the value of finished goods stock take. An earn-out of up to US$120 million (€112 million at the closing date currency rate) will be payable in 2029 based on the achievement of net sales targets in full year 2028. Thus, the total Enterprise Value, if the earn-out is paid, will be US$1.32 billion (€1.22 billion).
The purchase price and finished goods stock take are still subject to customary price adjustment mechanisms to be calculated in the next 90 days.
