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10/2022

CAMPARI GROUP takes majority stake in WILDERNESS TRAIL DISTILLERY

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

Context

Campari Group has entered into an agreement to acquire a 70% stake in Wilderness Trail Distillery, with a mechanism in place to acquire the remaining 30% in 2031 through a cross-option arrangement between the parties. Beyond the transaction's structure, this acquisition is a strategic move by Campari to establish bourbon as its second growth driver, alongside its historic business in apéritifs. The group aims to strengthen its presence in a high-growth category in the US, driven by premiumization and the rise of high-end and super-premium bourbons. In this context, Wilderness Trail Distillery is a particularly strategic asset, combining a developing brand with a modern industrial platform. The acquisition enables Campari to expand its portfolio of premium spirits while securing essential production and aging capabilities for the future development of its whiskey brands. In addition to the commercial benefits, the transaction also provides an evolving industrial base, capable of supporting innovation and growth across several of the group's brands in the American whiskey segment. The founders will remain involved in the project, ensuring operational continuity and preserving the technical expertise that has driven the distillery's development. Ultimately, this acquisition strengthens Campari's presence in the US market, its largest and most profitable market, while accelerating its premiumization and diversification strategy for its spirits portfolio.

WILDERNESS TRAIL DISTILLERY, which reported an EBITDA margin of LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to 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

Wilderness Trail Distillery is a renowned American craft distillery specializing in the production of premium bourbons and rye whiskeys. Founded in 2012 in Danville, Kentucky, the heart of the US whiskey industry, the company has quickly established itself as a leading player in the craft segment. This is attributed to its technical expertise, high-quality products, and innovative approach to fermentation and distillation. The founders, Shane Baker and Dr. Pat Heist, are industry-recognized experts with over 20 years of experience in whiskey research, development, and production. The company's portfolio primarily consists of Wilderness Trail Bourbon and Wilderness Trail Rye Whiskey, supplemented by higher-end expressions aged six and eight years. Positioned in the super-premium segment, its products command significantly higher price points than those in the mass market. What sets Wilderness Trail apart is its proprietary fermentation processes and unique "sweet mash" technique, which enable the production of bourbons and rye whiskeys with distinctive aromatic profiles.

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Historical Financials (EUR)

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REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 50M - 100M 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 WILDERNESS TRAIL DISTILLERY by CAMPARI GROUP are reserved for mynth community members. Register for free to unlock full data.

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).

Target: wilderness trail distillery