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FILE PHOTO: Bottles of Campari are seen in a bar in downtown Milan, Italy, on September 4, 2018. Photo taken on September 4, 2018. REUTERS / Stefano Rellandini
MILAN (Reuters) – Italian Beverage Group Campari (CPRI.MI) announced Saturday that it had started exclusive negotiations for the purchase of the French company Rhumantilles SAS in order to strengthen its rum business and develop its market in France.
Rhumantilles produces the Caribbean Agricultural Rum brands through its Bellonnie & Bourdillon Successors (BBS) unit. It belongs to Compagnie Financière Chevrillon and a group of minority shareholders.
Rum is a specific type of rum drink that is made only in the Caribbean.
Campari said the net sales of the company, which makes the Mauny, Trois Rivières and Duquesne rums, were 24.1 million euros (27 million USD). He added that he would give financial details on the proposed agreement once the agreement reached.
The Italian firm said that rum was an upscale category "at the heart of the trend of mixology and the growing culture of badtails".
"In addition, France is on the verge of becoming one of the group's strategic markets and with this acquisition, the Campari group has the opportunity to add significant critical mbad to this market."
Campari is the sixth largest spirits company in the world and has more than 50 brands, including Aperol, Grand Marnier and Wild Turkey Bourbon.
Report by Crispian Balmer; Edited by Stephen Powell
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