Bob Kunze-Concewitz

Campari CEO Bob Kunze-Concewitz

Campari buys controlling interest in Ancho Reyes and Montelobos

09 October, 2019

The Campari Group has bought the controlling interest from a group of Mexican entrepreneurs, in Licorera Ancho Reyes and spicy liqueur and Montelobos mezcal.

Ancho Reyes is described as a “natural and authentic liqueur, crafted from ancho and poblano chiles cultivated in the volcano-enriched soils of Puebla, Mexico”.

Montelobos is said to be an “artisanal mezcal, a born from the vision and passion of Mexican distiller Iván Saldaña, world renowned expert in agave and mescal”.

The company says overall consideration for 51% interest in the two companies is US$35.7m. The consideration will be financed through available resources and will be paid using cash. Pursuant to the share purchase agreements the remaining shareholdings are subject to customary reciprocal put and call options, which can be exercised starting from 2024.

Campari says the scope of the acquisition includes the brands, the intellectual property and the related inventories. The business leverages a fully integrated supply chain for the two brands, through leased production and bottling facilities, whilst agave, the main raw material to produce mezcal, is sourced through third party agreements with major local growers to secure constant supply. All aspects related to supply chain will be managed in continuity with the past.

In 2018 the core market for Ancho Reyes and Montelobos was the US which accounted for 66.4% of the combined sales, with Mexico, UK and other international markets for the balance of net sales. In 2018 the net sales achieved by the two brands jointly amounted to approx. US$7m (approx. €6m), before any distribution synergies. The two brands achieved a CAGR of 53.7% overall in 2016-2018.

Dr Ivan Saldana Montelobos

Dr Ivan Saldana of Montelobos

Campari CEO Bob Kunze-Concewitz, said: “We are very pleased to enrich our offering with two super premium brands, Ancho Reyes spicy liqueur and Montelobos mezcal: they give us the opportunity to add a unique and versatile liqueur with a strong international potential, riding the very positive mixology trend, as well as to enter the premium and high performing mezcal category.

"We acquire two truly handcrafted gems and we continue to premiumise our portfolio with a particular focus on the key US market, enhancing our exposure to the strategic premium on-premise distribution channel.”

The deal is expected to close by year end.

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