Italy-based beverage company Campari Group has acquired a controlling interest in alcoholic beverage brands Ancho Reyes and Montelobos from a group of Mexican entrepreneurs.

Under the deal, Campari acquired 51% stake in the two companies for $35.7m. The consideration is subject to customary price adjustments.

Crafted using ancho and poblano chiles, Ancho Reyes is a natural and authentic liqueur suitable for cocktails.

Montelobos is an artisanal mezcal, created by Mexican distiller Iván Saldaña, using agave plants, produced in Mexico.

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Campari Group CEO Bob Kunze-Concewitz said: “We are very pleased to enrich our offering with two super-premium brands, Ancho Reyes spicy liqueur and Montelobos mezcal. They give us the opportunity to add a unique and versatile liqueur with strong international potential, riding the very positive mixology trend, as well as to enter the premium and high performing mezcal category.

“We acquire two truly handcrafted gems and we continue to premiumise our portfolio with a particular focus on the key US market, enhancing our exposure to the strategic premium on-premise distribution channel.”

The acquisition will be funded through the available resources and would be paid using cash.

As part of the deal, Campari will acquire the brands, intellectual property and related inventories.

The company leverages a fully integrated supply chain for Ancho Reyes and Montelobos by leasing production and bottling facilities.

It will also source agave, a raw material to produce mezcal, through third party agreements with major local growers.

Completion of the deal is expected to take place by the end of this year.

In September, Campari Group signed an agreement with Groupe Chevrillon and a group of minority shareholders to acquire French company Rhumantilles.

Under the agreement, Campari will acquire the company for an enterprise value of €60m ($66m).