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Gruppo Campari to purchase Bulldog London Dry Gin for $58.4m

DBR Staff Writer Published 03 February 2017

Italian beverage company Gruppo Campari has agreed to acquire most of the assets of New York based Bulldog London Dry Gin for $58.4m.

The acquisition amount of the independently owned premium gin brand is inclusive of assumed liabilities and working capital worth nearly $3.4m.

Bulldog’s cash-on-hand and other assets on its balance sheet have been excluded in the deal. The brand’s shareholders are expected to get proceeds of $70m at the time of closing which represents 5.7 times its full-year revenue in 2016.

Apart from that, the gin brand will be eligible for an earn-out subject to achievement of certain targets until 2021.

Its acquirer, Gruppo Campari has been its distributor since 2014 through the Global Travel Retail channel among its own distribution network through an exclusive five-year agreement which gave the Italian firm an option to acquire ownership of the gin brand in 2020.

However, a renegotiation of the deal resulted in an early acquisition by Gruppo Campari.

Bulldog Gin, containing 40% alcohol by volume, and infused with a mélange of 12 botanicals, is sold in all sizes at select retailers across 95 countries.

The gin brand was created in by entrepreneur Anshuman Vohra who will continue for a period of time as the founder/brand ambassador.

Vohra said: "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."

The gin said to have a distinctive citrus forward flavour profile was launched in the US in 2007 followed up by Europe. Spain, Benelux, Germany and the UK have been its key markets along with Global Travel Retail and the US.

Image: Bulldog is distilled in traditional copper pot stills. Photo: courtesy of PRNewsFoto/Bulldog London Dry Gin.