The family owners of Gruppo Campari were famously in the news for all the wrong reasons in the early 2000s after a feud gave the company some unwanted attention. However, the largest acquisition in the company's history announced yesterday should soothe battered egos.
Non-family CEO Bob Kunze-Concewitz unveiled the purchase of Wild Turkey whisky for €433 million. The acquired business includes the Wild Turkey brands, American Honey liqueur, distillery facilities in Kentucky, and aged liquid and finished product inventory.
Analysts view the deal as a good one for the Milan-based company, particularly as it cements its footprint in the US. The group, which has revenues of €942 million, produces the eponymous red aperitif and distributes a wide range of other alcoholic and non-alcoholic beverages.
The Garavoglia family purchased the business from the founding Campari family in the 1970s and today controls 51% of the group. Family member Maddalena Garavoglia went to court in 2000 claiming that the company, in which she held a 23% stake, had tried to push her out in the run up to its 2001 stockmarket listing. In 2006, her brother, chairman Luca Garavoglia, was given a court order to pay Maddalena €100 million in damages.