The purchase price was $55 million, plus working capital and assumed liabilities for another $3.4 million.
Campari has distributed Bulldog since 2014 through its own distribution network by virtue of an exclusive five‐year agreement with an attached call option to acquire ownership of the brand in 2020. Following a renegotiation of the deal terms, Campari accelerated its purchase of the brand.
The new deal structure enables Campari to “achieve a financially attractive proposition, allowing it to fully exploit the brand’s growth potential going forward by taking full control of the marketing strategy as well as the brand building initiatives,” the company said in a press release.
The closing is expected by mid February 2017.
Launched in the USA in 2007, Bulldog Gin is, according to IWSR, the fourth best selling premium gin in the world.
“This deal is an opportunity to consolidate our presence as a key player in the attractive super premium gin category via a super‐premium brand with significant growth potential,” said Bob Kunze‐Concewitz, Campari CEO. “From a distribution stand point, thanks to Bulldog Gin, we will further increase our on‐premise focus.”
Bulldog founder Anshuman Vohra will stay on for a period of time in a founder/brand ambassador capacity.