Campari finalizes acquisition of Wild Turkey
Milan, 29 May 2009 - Gruppo Campari has finalized the purchase of Wild Turkey, cementing its position among the leading companies in the US and international premium spirits markets. The deal, originally announced on 8 April 2009, is the largest acquisition in Campari’s history. Gruppo Campari paid US$ 581 million cash (or € 417 million at the closing exchange rate), to Pernod Ricard for the brand. The price paid includes an adjustment of approximately US$ 6 million (or € 4.3 million at the closing exchange rate), mainly relating to inventory. The acquisition has received approval of US and Italian antitrust authorities.
The acquired business includes the Wild Turkey brands, American Honey liqueur, distillery facilities in Kentucky, US, and aged liquid and finished product inventory.
“We at Gruppo Campari are proud to take ownership of this iconic brand and look forward to its inclusion in our portfolio of top global brands including Campari and SKYY Vodka as well as our stable of regional leaders. With the addition of Wild Turkey, our US presence and international reach will be dramatically strengthened. We plan to further build the Wild Turkey brand globally and realize the full potential of this authentic, award-winning American whiskey,” said Bob Kunze-Concewitz, Chief Executive Officer.
This concludes Gruppo Campari’s fourth major US acquisition, after SKYY Vodka (2002), Cabo Wabo Tequila (2007) and X-Rated Fusion Liqueur (2007). Including Wild Turkey, Campari has invested a total of USD$1.1 billion (€0.9 billion) on these acquisitions.
Wild Turkey is a global brand with a total volume above 800,000 nine-liter cases sold in over 60 markets. The US is the brand’s largest market, accounting for almost one-half of the brand’s sales; Australia and Japan are respectively its second and third largest markets. The brand enjoys a successful track record of continuous growth in its key geographic markets. The American straight whiskey is a dynamic spirits category, with a premium and super premium offering driving the growth in the US as well as in the international markets.
In North America, the Wild Turkey brand will be sold through Gruppo Campari-subsidiary Skyy Spirits.
The acquisition includes American Honey, a honey and bourbon based liqueur, offering Gruppo Campari a successful new entry into the premium US cordial category and a substantial growth opportunity.
Wild Turkey has a unique brand image built around values of authenticity; distinctive flavour and taste; and genuine and uncompromising brand positioning. These characteristics enable it to be positioned in the premium segment globally, and provide an exceptional opportunity for category growth and broad market potential.