Campari Buys Averna for $143M
With an eye towards the growing U.S. market for bitter Italian liqueurs, Italian drinks company Campari said it has decided to buy the Averna digestif brand for €103.75 million, or about $143 million.
According to The Local, Campari said it was excited about the “potential for growth” of the Averna brand in the United States, citing the trend of American mixologists experimenting with Italian spirits.
"There is growing interest from mixologists and US consumers for Italian amari and liqueurs," Campari said in a statement.
In addition to the Averna digestif brand, the Fratelli Averna company also produces Limoncetta and Grappa Frattina. It has been family-owned and based in Sicily since it was founded in the 19th century.
The Averna family said the Campari sale would allow the Fratelli Averna brands to expand more strongly into international markets. Before the sale, the company exported about 35 percent of its liqueurs, mostly to Austria and Germany.
"With the purchase of the Averna Group we are continuing to improve our portfolio of premium products," said Campari chief executive Bob Kunze-Concewitz. Campari owns about 50 brands, including Skyy Vodka, and distributes in 190 countries.