Gruppo Campari acquires super-premium BULLDOG Gin

All-cash transaction will result in distribution to shareholders of approximately USD 70 million, plus potential additional future consideration of an earn-out

NEW YORK and LONDON, Feb. 2, 2017 /CNW/ -- BULLDOG Gin and Gruppo Campari announced today the signing of a definitive agreement under which Gruppo Campari will acquire most of the assets of BULLDOG London Dry Gin, an independently owned brand, for USD $55 million plus the assumed liabilities and working capital for approximately USD $3.4 million.  The deal leaves cash-on-hand and other assets on BULLDOG's balance sheet, resulting in approximate proceeds of $70 million at closing to BULLDOG's shareholders, a multiple of 5.7x BULLDOG's full-year 2016 revenue.  Additionally, BULLDOG may receive an earn-out, payable upon the achievement of certain targets through 2021, potentially significantly increasing the total consideration. The earn-out is based on sales exceeding current plan and forecasts in 2019, 2020, and/or 2021.

Gruppo Campari has distributed BULLDOG Gin since 2014 through its own distribution network, including the Global Travel Retail channel, by virtue of an exclusive five-year agreement with an attached call option to acquire ownership of the brand in 2020.  Following a renegotiation of the deal terms, Gruppo Campari accelerated its purchase of the brand.  The new deal structure enables Gruppo Campari to achieve a financially attractive proposition, allowing it to fully exploit the brand's growth potential going forward by taking full control of the marketing strategy as well as the brand building initiatives.

Launched in the USA in 2007 and subsequently in Europe, BULLDOG Gin has experienced a meteoric rise and is the #4 premium (and above) gin in the world (IWSR) and also the fastest growing premium gin in the world* by annual growth rate.  With its iconic bottle and distinctive citrus forward flavour profile, BULLDOG continues to win the hearts of premium gin and vodka lovers across the globe; the brand is available today in 95 countries, with a strong concentration in Europe.  Spain, Benelux, Germany, the UK, Global Travel Retail, and the USA are currently the brand's largest markets.  BULLDOG Gin shipped ~150,000 9L cases and achieved net sales of USD $12+ million in 2016, increases of 24% and 22% year-over-year, respectively.

BULLDOG Gin was created in 2007 by entrepreneur and former JP Morgan investment banker, Anshuman Vohra.  Mr. Vohra, who will stay on for a period of time in a Founder/Brand Ambassador capacity, commented, "BULLDOG has always been a labour of love for me, and I'm quite pleased to hand over control of BULLDOG to a venerable institution, such as Gruppo Campari.  I've had the pleasure of working with their very professional organization for the last few years and am confident the brand will continue to excel in its new home." 

*Compound annual growth rate (CAGR) 2010-2015, the IWSR 2016


ALANTRA acted as exclusive financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP acted as legal advisor to BULLDOG on this transaction.  Sidley Austin acted as legal advisor to Gruppo Campari.


Hand-crafted at the world's oldest continuously functioning gin distillery in England, BULLDOG London Dry Gin is modern-style premium gin with a smooth, balanced gin with multiple layers of flavour for maximum mixability.  Using the highest quality British wheat and water, BULLDOG is distilled multiple times using copper pot stills to deliver a smooth, citrus forward, balanced spirit. The bracing mix of twelve botanicals is sourced from carefully selected growers; lavender, white poppy, dragon eye and lotus leaves give BULLDOG its layer of distinction, building on a complex base blend of liquorice, almond, orris, cassia, juniper, angelica, coriander and lemon.  BULLDOG Gin is an ultra-smooth gin, which challenges traditional conventions and perfectly embodies the new and bold taste profile of the modern drinker – a premium white spirit perfectly balancing the modern and traditional.  BULLDOG had one of the highest ratings ever received by a gin from Wine Enthusiast Magazine.

Founded by entrepreneur and former JP Morgan investment banker, Anshuman Vohra, BULLDOG is based in New York and is privately owned.  It is available in 95 countries worldwide.

BULLDOG gin is 40% ABV globally and available in all sizes at select retailers.

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About Gruppo Campari

Gruppo Campari is a major player in the global spirits industry, with a portfolio of over 50 premium and super premium brands, spreading across Global, Regional and Local priorities. Global Priorities, the Group's key focus, include Aperol, Appleton Estate, Campari, SKYY, Wild Turkey and Grand Marnier. The Group was founded in 1860 and today is the sixth-largest player worldwide in the premium spirits industry. It has a global distribution reach, trading in over 190 nations around the world with leading positions in Europe and the Americas. The Group's growth strategy aims to combine organic growth through strong brand building and external growth via selective acquisitions of brands and businesses.

Headquartered in Milan, Italy, Campari owns 18 plants and 4 wineries worldwide and has its own distribution network in 19 countries. The Group employs approximately 4,000 people. The shares of the parent company Davide Campari-Milano S.p.A. (Reuters CPRI.MI - Bloomberg CPR IM) have been listed on the Italian Stock Exchange since 2001.  For more information:

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