MILANO – New acquisition, the second in terms of financial commitment, for Campari. The group bought an initial 70% stake in Wilderness Trail Distillery, a fast growing American “super-premium” brand of bourbon and rye whiskey. The bourbon category will become Campari’s second development axis after aperitifs, explained the company, which in 2031 will complete the acquisition of the remaining 30% stake. The consideration paid now is equal to 420 million dollars, based on a valuation of the company equal to 600 million (in the absence of cash or financial debt). The choice was appreciated on the stock exchange.
“The super-premium range of bourbon and rye whiskey Wilderness Trail – reads the note from the group – will further strengthen Campari’s portfolio, leveraging on one of the fastest growing categories in the key US marketWilderness Trail Distillery, located in Danville, Kentucky, was founded in 2012 as a premium craft distillery with the goal of producing the highest quality bourbon and rye whiskey. In 2018, the founders launched two premium proprietary brands: Wilderness Trail Bourbon e Wilderness Trail Rye Whiskey. The product range was further enhanced with the introduction of a high-end line of silver label bourbons. The average selling price ranges from $ 55 for Wilderness Trail Bourbon, for the 75 cl bottle at $ 75 and more for the six and eight year old bourbons.
In 2022, the US company expects to reach a revenue of $ 57 million, up 39% compared to the year before. The consideration paid equates to a multiple of approximately 16 times the Ebitda that will be reached at the end of the year, while for Campari it will raise the multiple of the net financial debt compared to the Ebitda from the current 1.5 to 2.3 times. The price will be financed in part with the cash and in part with the use of bank debt.