Campari sells another non-core business

Gruppo Campari has continued its divestment programme of non-core businesses with the sale of  Casoni Fabbricazione Liquori to local Italian entrepreneurs. 

Casoni Fabbricazione Liquori is an Italian company - consisting of production plants in Modena, Italy and Pribenìk in Slovakia - which joined the Gruppo Campari business when it purchased Fratelli Averna in June 2014.

The overall deal value is €5.3 million and includes a “net financial position of approximately € 2.3 million”, said Gruppo Campari. The deal is expected to close by the end of March 2016.

Since the acquisition of Fratelli Averna, Campari Group has begun a reorganisation process of the Averna Group business “aiming at achieving synergies via the transfer of bottling and distribution activities”.

Gruppo Campari said it is “strengthening its focus on its core high-margin spirits business by streamlining its non-core businesses”.

It sold its Limoncetta brand in January 2015 (€7.0 million), the Jamaican division Federated Pharmaceutical in March 2015 (€13.0 million), the Enrico Serafino winery in June 2015 (€6.1 million) and the Agri-Chemicals division of J Wray & Nephew in July 2015 (€7.3 million). Gruppo Campari also exited the third party distribution agreements of general merchandise in Jamaica last year and in 2013 disposed of the Punch Barbieri brand (€4.5 million).