At what enterprise value was COURVOISIER acquired in 2024?

During the acquisition of COURVOISIER by CAMPARI GROUP in 2024, the transaction's Enterprise Value is estimated to be in the range of 1b - 4b USD.

What was the EV/EBITDA of COURVOISIER when it was acquired by CAMPARI GROUP?

The estimated EV/EBITDA multiple for COURVOISIER is in the range of 15x - 25x.

When was COURVOISIER acquired by CAMPARI GROUP?

COURVOISIER was acquired by CAMPARI GROUP in 2024.

What was the revenue of COURVOISIER at the time of the deal?

The revenue of COURVOISIER at the time of the deal is estimated to be in the range of 150M - 250M USD.

What was the EBITDA of COURVOISIER during the acquisition?

COURVOISIER's EBITDA is estimated to be in the range of 50M - 100M USD.

How is the data for the COURVOISIER 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 COURVOISIER 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/attachments/acquisitions/2%29%2020231214-Courvoisier-Investor-Presentation_1.pdf

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Home Database AgriFoodCOURVOISIER

04/2024

COURVOISIER acquired by CAMPARI GROUP

FRANCE Food Processing / Beverages / Wines & Spirits EV 1b - 4b USD

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 in 2024, is valued in this transaction at an EV/EBITDA multiple of , a level as high as the average currently observed in the AgriFood sector (10.5x).

-> Deep-dive in AgriFood market trends

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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2024

2023

Similar deals in Food Processing

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
07/2024	GRUPO MAYRIT INVERSIONES ALIMENTARIAS	PANIFICADORA POPULAR	SPAIN	Bakery / Pastry
06/2024	IDILIA FOODS	GRUPO CACAOLAT	SPAIN	Soft Drinks
04/2024	GLANDIA NUTRITIONALS	FLAVOR PRODUCERS	UNITED STATES	Ingredients
04/2024	BRIDOR	PANDRIKS	NETHERLANDS	Bakery / Pastry
03/2024	CAMPBELL SOUP COMPANY	SOVOS BRANDS	UNITED STATES	Food Products
03/2024	ARGOS WITYU	ROUTIN	FRANCE	Beverages
03/2024	CVC	PARTNER IN PET FOOD (PPF)	HUNGARY	Petfood
02/2024	ARDIAN	MY PIE	FRANCE	Food Products
02/2024	INVESTINDUSTRIAL / SAMMONTANA	FORNO D’ASOLO	ITALY	Bakery / Pastry
12/2023	THE FERRERO GROUP	MICHEL ET AUGUSTIN	FRANCE	Food Products

REFERENCES

Valuation range: EV 1b - 4b USD

Revenue range: 150M - 250M USD

EBITDA range: 50M - 100M USD

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