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Acquisition Lascelles deMercado & Co. (LdM)

Client: Campari


In 2012, Campari acquired Jamaican company Lascelles deMercado & Co. Limited (‘LdM’) through a formal tender offer to the LdM board and public shareholders to acquire all outstanding ordinary and preference shares pursuant to the Jamaican Takeover Code and applicable requirements.

The acquisition entailed the portfolio of leading premium Jamaican rum brands, award winning Appleton Estate, Appleton Special / White, Wray & Nephew and Coruba brands as well as substantial ageing inventory to support future expansion. Campari enhanced its critical mass in key Americas markets - including the US, Canada, Mexico, the Caribbean, and acquired a leading market position in Jamaica, creating the foundations for future international growth.

Total purchase price for 100% of LdM’s share capital was approximately €330 million (at current exchange rate) on a cash free / debt free basis, and was the third largest acquisition in Campari’s history following the successful acquisitions of Wild Turkey and Skyy Spirits.


Intangible Business advised Campari on fair values of all acquired assets and liabilities (liquid and finished goods, brands and other intangibles, land and buildings, plant and equipment, other assets and liabilities, goodwill) and carried out post transactional commercial due diligence investigations.


Intangible Business worked closely with Campari management and auditors to help provide and support high quality and informative financial reporting by Campari in connection with this acquisition for management purposes and which complied with International Financial Accounting Standards (IFRS 3).