(ANSA) - Milan, October 4 -Gruppo Campari announced today
that it has reached an agreement to sell ITS Lemonsoda business
to Danish-based beverage company Royal Unibrew A/S.
The enterprise value is € 80.0 million on a cash free/debt
free basis for 100% of the issued share capital of a wholly
owned subsidiary of Davide Campari-Milano S.p.A.'s, and it is
subject to the customary price adjustment mechanisms.
The sold business includes the alcohol free fruit-flavoured
carbonated variants Lemonsoda, Oransoda, Pelmosoda and Mojito
Soda, grouped under the Freedea brand name, as well as the Crodo
brands (with the exception of the brand Crodino). Besides the
trademarks, the perimeter includes the manufacturing and
bottling facility, located in Crodo, Northern Italy, and the
attached water springs as well as the inventories.
In the fiscal year ended 31 December 2016 the brands
perimeter sold achieved total net sales of € 32.8 million and
CAAP (Contribution after A&P), before allocated costs and
depreciation, of € 6.3 million.
The total net sales relating to the brands sold represented
approximately 2% of Gruppo Campari's net sales in FY2016. Italy
is the brands' core market, accounting for 84.3% of the overall
net sales in FY2016. The overall deal consideration corresponds
to a multiple of approximately 13 times the CAAP (Contribution
after A&P), before allocated costs and depreciation, relating to
the brands sold.
The transaction is expected to be completed by the end of
2017.
As part of the transaction and effective from closing,
Gruppo Campari and Royal Unibrew will enter into a multi-year
manufacturing agreement, under which Royal Unibrew will continue
to manufacture certain Gruppo Campari's owned products which are
currently produced at the bottling facility located in Crodo.
The entire business sold entered Gruppo Campari in 1995 via
the Group's first acquisition. The range was part of a larger
brand portfolio acquired including also the non-alcoholic
aperitif Crodino, which is excluded from the announced disposal
and remains today a key owned brand of Gruppo Campari. Over the
years, Gruppo Campari has successfully introduced various line
extensions, further augmenting the established Lemonsoda
business, the undisputed market leader in the lemon-flavoured
soda segment in Italy.
This transaction fits Gruppo Campari's efforts to streamline
its brand portfolio and focus on its core spirits business.
Since the beginning of 2017 Gruppo Campari has divested several
non-strategic assets for a total value of approximately € 310
million.
Royal Unibrew A/S, a Danish limited liability company listed
on the Nasdaq Nordic Stock Exchange, is a major beverage player
within beer, soft drinks, waters, ciders, energy drinks and
non-alcoholic malt drinks, holding leading positions primarily
in Northern Europe, Italy and in the international malt beverage
markets.
Bob Kunze-Concewitz, Chief Executive Officer-Gruppo Campari
said: 'The sale of the Lemonsoda and Crodo business marks a
further key step in our strategy of streamlining our non-core
activities. In particular, with this transaction we exit the
soft drinks business, while retaining our core Crodino brand, to
further focus on our key aperitif business in Italy. We are very
pleased to sign this transaction with Royal Unibrew, a focused
player and brand developer in the soft drinks and mineral water
segments, and a perfect fit for the Lemonsoda business.
Moreover, we are glad to transfer the Crodo facility to a Group
investing in the soft drinks segment with ambitious growth plans
for the manufacturing site.'
Hans Savonije, CEO Royal Unibrew, said: 'Today's acquisition
cements our commitment to the Italian market and expands our
position. In Ceres Strong Ale, we have one must-stock product,
and now we're adding Lemonsoda as number two to our portfolio.
Lemonsoda is the Italian market leader within citrus-based soft
drinks products and is almost as widely distributed as Ceres
Strong Ale. This is one of the reasons why we consider the new
business a good match. We believe that our extensive
multi-beverage experience will enable us to generate growth in
the acquired business.'.
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