At what enterprise value was MARNIER-LAPOSTOLLE acquired in 2016?

During the acquisition of MARNIER-LAPOSTOLLE by CAMPARI GROUP in 2016, the transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b EUR.

What was the EV/EBITDA of MARNIER-LAPOSTOLLE when it was acquired by CAMPARI GROUP?

The estimated EV/EBITDA multiple for MARNIER-LAPOSTOLLE is in the range of 10x - 18x.

When was MARNIER-LAPOSTOLLE acquired by CAMPARI GROUP?

MARNIER-LAPOSTOLLE was acquired by CAMPARI GROUP in 2016.

What was the revenue of MARNIER-LAPOSTOLLE at the time of the deal?

The revenue of MARNIER-LAPOSTOLLE at the time of the deal is estimated to be in the range of 100M - 200M EUR.

What was the EBITDA of MARNIER-LAPOSTOLLE during the acquisition?

MARNIER-LAPOSTOLLE's EBITDA is estimated to be in the range of 25M - 50M EUR.

How is the data for the MARNIER-LAPOSTOLLE acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the MARNIER-LAPOSTOLLE deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.camparigroup.com/sites/default/files/downloads/20160315_cpr_spml_fr_vfinal_0.pdf

← DATABASE

Home Database AgriFoodMARNIER-LAPOSTOLLE

03/2016

CAMPARI GROUP takes majority stake in MARNIER-LAPOSTOLLE

FRANCE Food Processing / Beverages / Wines & Spirits EV 500M - 1.5b EUR

Context

The friendly cash tender offer initiated by Gruppo Campari to acquire Société des Produits Marnier-Lapostolle represents a strategic transition from an expiring multi-partner distribution framework into a unified, corporate-owned distribution model designed to unlock immediate commercial synergies. The transaction structure includes the immediate buyout of a 17.19% controlling stake from the founding family descendants, coupled with a shareholders' agreement governing put-and-call options for the remaining 29% family equity block exercisable starting in 2021, alongside a public tender offer aimed at achieving a full squeeze-out and subsequent delisting from Euronext Paris. The core investment thesis rests on the immediate repatriation of global distribution rights to Campari’s proprietary sales network effective July 2016, eliminating legacy distribution leakages to third parties and reversing a five-year volume stagnation through aggressive product placement in the US cocktail market. To mitigate execution risk and protect institutional knowledge, senior leadership continuity is guaranteed with key family executives remaining on the management board during the integration phase, while the structured divestment of a non-core luxury real estate asset in Saint-Jean-Cap-Ferrat provides a clear mechanism for capital recovery to optimize the overall transaction returns.

MARNIER-LAPOSTOLLE, which reported an EBITDA margin of in 2015, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (10.7x).

-> Deep-dive in AgriFood market trends

Target

Société des Produits Marnier-Lapostolle (SPML) operates as a single-product premium spirit distiller whose economic framework is entirely built upon the long-term brand equity and proprietary formulation of its core orange-infused cognac liqueur, Grand Marnier. The business model generates 85% of its product revenues through this single brand franchise, which exhibits high geographic concentration given that 60% of total shipments are absorbed by the United States premium on-premise hospitality sector. SPML operates an asset-light corporate structure, running its primary bottling and packaging operations out of a single centralized facility in Normandy, while completely outsourcing its international routes to market via third-party distribution contracts across 150 countries. This operational architecture historically limited the company’s ability to capture downstream commercial margins, rendering its financial performance highly dependent on the shelf-space allocation and promotional focus of joint-venture partners and independent wholesalers. Demand for the company's inventory is structurally tied to premium mixology trends and non-discretionary corporate procurement cycles within the global travel retail and high-end bar channels.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2015

2014

Similar deals in Food Processing

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
06/2016	DANONE	MICHEL ET AUGUSTIN	FRANCE	Food Products
06/2016	HANA GROUP	PEACE DINING CORP	UNITED STATES	Food Products
03/2016	REFRESCO	DIS	NETHERLANDS	Beverages
12/2015	IK PARTNERS	SALAD SIGNATURE	NETHERLANDS	Food Products
12/2015	CORPFIN CAPITAL	EURO GAMMA	ITALY	Ingredients
10/2015	ARDIAN	SOLINA GROUP	FRANCE	Ingredients
07/2015	GRUPO BIMBO	PANRICO	SPAIN	Food Products
07/2015	ARDIAN	IRCA	ITALY	Ingredients
06/2015	IK PARTNERS	CERELIA	FRANCE	Bakery / Pastry
06/2015	TA ASSOCIATES	HANA GROUP	FRANCE	Food Products

REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 100M - 200M EUR

EBITDA range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of MARNIER-LAPOSTOLLE by CAMPARI GROUP are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: marnier-lapostolle