Italy’s Campari Group has taken a 14.6% stake in the owner of single malt whiskies Bunnahabhain, Deanston and Tobermory for £69.6 million (US$92m).
Campari Group announced it had completed the purchase of a minority stake in Capevin Holdings from ODC (BidCo).
Capevin is the South African holding company for CVH Spirits, a Scottish business that produces and sells single malt brands Bunnahabhain, Deanston, Tobermory and Ledaig, alongside blended Scotch brands Scottish Leader and Black Bottle.
The whisky brands were previously owned by South African drinks group Distell, producer of Amarula liqueur. After Heineken’s €2.4 billion (US$2.56bn) takeover of the business in 2023, the Scotch brands were separated from the rest of Distell’s portfolio and sat under the newly-formed Capevin.
Campari Group also holds distribution rights for brands from the CVH Spirits portfolio in France and South Korea.
As part of the deal, Campari Group plans to appoint a board member and has governance rights to safeguard its minority stake.
Campari Group owns the Glen Grant Scotch whisky brand, alongside Aperol, Wild Turkey Bourbon, Skyy Vodka and Grand Marnier.
The company’s sales rose by 3.8% in the first half of 2024, following a double-digit increase in 2023. The Glen Grant grew by double digits last year, driven by Asia.
The investment in Capevin follows Campari Group’s billion-dollar acquisition of Courvoisier Cognac from Suntory Global Spirits in May this year.
In 2023, Bunnahabhain partnered with The Whisky Exchange to release a single malt matured in a single oloroso Sherry butt for more than three decades.
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Author: Nicola Carruthers
