It is turning out to be a busy period for acquisitions in the family business world, with Campari buying a controlling stake in a Jamaican rum-maker and Australian confectionery company Darrell Lea selling to a fellow family business.
Italian drinks firm Campari today announced it will buy an 81.4% stake in Jamaican company Lascelles deMercado in a bid to move into the lucrative rum market. Campari, controlled by the Garavoglia family, will buy all of Lascelles’ shares from CL Financial for $414.75 million (€330 million) by the fourth quarter of the year.
The acquisition adds premium Jamaican rum brands Appleton, White, Wray & Nephew and Coruba to Campari’s portfolio, increasing its global reach, especially in markets such as the US, Canada, Mexico and the Caribbean.
“When completed, this acquisition will add a further boost to the internationalisation of Gruppo Campari, further expanding our business outside of Italy, as well as strengthening our largest and most profitable segment, the spirits segment,” said non-family chief executive Bob Kunze Concewitz.
It is the third largest acquisition in the company’s history, after the purchase of Wild Turkey and Skyy Spirits.
Meanwhile, the Queensland-based Quinn family, which runs VIP Petfoods, has acquired troubled chocolate-maker Darrell Lea for an undisclosed price. It reportedly will restructure the business, closing Darrell Lea’s company-owned stores.
Famous in Australia for its chocolates, Darrell Lea was founded in 1927 by Harry Lea. It was placed under administration due to insolvency in June of this year.
In Macau, SMJ Holdings, controlled by Stanley Ho and his family, has acquired a 4% stake in local casino company Macau Legend Development for HK$480 million (€49.2 million). MLD is rebuilding Macau Fisherman’s Wharf theme park.
Across the Atlantic, America Movil, the mobile phone company controlled by the Slim family, has acquired 30% stakes in two of Mexico’s first division football clubs, Pachuca and Leon, from Group Pachuca.
In Germany, retailer Metro, controlled by founder Otto Beisheim and the Haniel and Schmidt-Ruthenbeck families, is reportedly in talks with buyers to sell the international business of its Real grocery stores.
However, a Metro spokeswoman told CampdenFB the group is “open for all theoretical scenarios”, including a “complete sale”’ “part sale”, or “Real stays within the group in the long-term”.
She added: “Due to the successful repositioning and the stable performance of Real we have different strategic options.”