Campari to acquire Jamaican rum maker Lascelles de Mercado

Gruppo Campari, the world's sixth-biggest producer of branded spirits, today said that it will acquire a majority controlling stake in Jamaican rum maker Lascelles de Mercado & Co LAS.JS, for $414.8 million.

The Milan, Italy-based company, controlled by the Garavoglia family, will acquire a 81.4 per cent stake from state-owned conglomerate CL Financial, and later buy the remaining shares through a public offer for under the Jamaican takeover code.

The proposed acquisition would be Campari's third-biggest in its history after the 2009 purchase of Wild Turkey bourbon from Pernod Ricard for $575 million and Skyy vodka in 2002.

The acquisition will give Campari a portfolio of world-class premium and overproof rums, including Appleton Estate – a super premium aged rum designed for sipping, Appleton Special and White – a blend specially designed for mixing, Wray & Nephew White Overproof - the world's top selling overproof rum, Coruba, and a strong portfolio of local brands.

In 2011, these rum and spirits portfolio sold 3.5 million 9 litre cases, and generated sales of $265.4 million.

Campari, the producer of its namesake bittersweet, red liqueur, said that the US is the largest rum market in terms of sales, with 35 per cent of global premium rum volumes.