BC Partners has made a partial exit from its investment in Irish Cantrell & Cochrane with the sale of Barbero, a wholly owned subsidiary of the group. Campari has acquired the business for €150m. The acquisition includes a wide portfolio of spirits and wines such as Apreol, Aperol Soda, Mondoro, Barbieri and Serafino.
BC Partners acquired Cantrell & Cochrane from Allied Domecq in January 1999 for a cash consideration of €734m in a transaction with total financing of around €800m. The sale marks the third divestment for BC Partners this year following its sales of Trader Media and Aviagen.
The acquisition of Barbero does not include the Conte di Cavour sparkling wine brand sold by Barbero to Gancia Group and the Frangelico brand, which will remain with the Cantrell & Cochrane Group.
Expected pro-forma net turnover for the fiscal year ending February 2004 is around €55m, a 10% increase on the previous year. Estimated EBITDA is equal to around €13m, up by 30%.