“Give me an Averna, I'll pay in cash”. The Campari Group has just reached an agreement to acquire, starting from 3 June 2014 and paying cash, 100% of the share capital of Fratelli Averna, an independent company that produces the equally famous amaro and is based in Caltanissetta.
Gruppo Averna owns not only Averna, the second best-selling amaro in Italy, but also one of the best known and most appreciated Italian liqueurs in the world. Furthermore, Gruppo Averna owns a portfolio of premium products, including Braulio, a herbal amaro, particularly popular in Northern Italy, Limoncetta, a natural sweet liqueur made from lemon peel, and Grappa Frattina, through which the Campari Group enters the grappa category.
The total value of the transaction (Enterprise value), for 100% of the share capital of Fratelli Averna, is equal to 103,75 million, corresponding to a multiple of 9,2 times the pro-forma Ebitda in the fiscal year ending on December 31, 2013. In the opening of the markets the operation does not warm up the title Campari, which at around 9,30 in Piazza Affari is more or less on the game, gaining 0,08% 6,23 euro.
