GRUPPO CAMPARI ACQUIRES BULLDOG GIN

GRUPPO CAMPARI has signed an agreement in which it will acquire most of the assets of Bulldog London Dry Gin, an independently owned brand, for $55 million plus the assumed liabilities and working capital for approximately $3.4 million. The deal leaves cash-on-hand and other assets on the balance sheet, resulting in approximate proceeds of $7O million at closing to the brand’s shareholders. Additionally, Bulldog may receive an earn-out, payable upon the achievement of certain targets through 2O21, potentially significantly increasing the total consideration. Gruppo Campari has distributed Bulldog since 2O14 through its own distribution network, including the Global Travel Retail channel, by virtue of an exclusive five-year agreement with an attached call option to acquire ownership of the brand in 2O2O. Following a renegotiation of the deal terms, Gruppo Campari accelerated its purchase of the brand. The new deal structure enables the company 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. Bulldog Gin was created in 2OO7 by entrepreneur and former JP Morgan investment banker, Anshuman Vohra, who will stay on for a period of time in a Founder/Brand Ambassador capacity.