COURVOISIER acquired by CAMPARI GROUP
Context
Davide Campari-Milano N.V. completed the acquisition of 100% of Courvoisier S.A.S. from Beam Suntory. This transaction represents the largest acquisition in Campari's history, significantly strengthening its position in the luxury spirits segment. The strategic rationale for the acquisition is the integration of a world-class Cognac brand that complements Campari’s existing "bitters" and "liqueurs" dominance, particularly for the US and Asian markets. The acquisition allows Campari to internalize a high-margin asset with substantial aging inventory, providing long-term visibility for premium product releases and brand elevated positioning.
By taking control of Courvoisier, Campari Group continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Wilderness Trail Distillery in 2022.
COURVOISIER, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN than the average currently observed in the AgriFood sector (10.2x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Courvoisier is one of the "Big Four" historic Cognac houses, renowned globally for its premium and ultra-premium spirits. Based in Jarnac, the target possesses a comprehensive industrial and heritage footprint, including full production facilities, specialized distillation units, vast aging cellars, and a historic chateau. The business model integrates traditional craftsmanship with modern automated bottling plants and extensive vineyard holdings. Beyond its manufacturing core, Courvoisier serves as a luxury lifestyle brand with a dedicated visitor center, positioning itself at the intersection of high-end French craftsmanship and global spirits retail.
Ent. Value
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Equity Value
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Multiples
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EV / EBITDA
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EV / EBIT
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Historical Financials (USD)
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REFERENCES
Valuation range: EV 1b - 4b USD
Revenue range: 150M - 250M USD
EBITDA range: 50M - 100M USD
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).