Italy-based beverage company Gruppo Campari has signed a definitive agreement to acquire the majority of London dry gin's brand Bulldog.

Under the terms of the agreement, Gruppo Campari will acquire the brand for $55m plus the assumed liabilities and working capital for approximately $3.4m.  

Since 2014, Campari has distributed Bulldog gin under a five-year agreement, which included a call option to acquire ownership in 2020. The terms of the agreement have been renegotiated to expedite the purchase.

Bulldog's founder Anshuman 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'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 organisation for the last few years and I am confident the brand will continue to excel in its new home."

Created and launched in 2007 in the US, and subsequently in Europe, the citrus-flavoured Bulldog gin is currently available across Spain, Benelux, Germany, and the UK.

The 40% alcohol-by-volume gin is distilled multiple times in copper pot stills using British wheat and water for a smooth and balanced spirit.

Founded in 1860, Gruppo Campari currently operates in 190 countries, owning 18 plants and four wineries, as well as its own distribution network in 19 countries.