Campari Group has completed the acquisition of 70% of the US Wilderness Trail Distillery, specialized in the production of bourbon and rye whiskey, according to the terms communicated on 31 October 2022.
The consideration paid was $424.7 million (€405.8 million at today’s exchange rate) for the initial 70% stake, inclusive of price adjustments attributable to cash and net working capital. The corresponding enterprise value for 100% of the capital is equal to 600 million dollars (€573.4 million), on a cash-free or debt-free basis.
Campari Group will acquire the remaining 30% of the capital through a call/put option exercisable in 2031.
To finance the acquisition, the Company (through its US subsidiary Campari America) signed a bank loan on November 30, 2022 for a total amount of USD 420 million, with a floating rate, an amortization schedule and final maturity on December 6, 2027 .
The loan was granted by a group of leading financial institutions made up of Bank of America, BNP Paribas (Italian branch), Crédit Agricole Corporate and Investment Bank (Milan branch) and Cassa Depositi e Prestiti.