Italy-based beverage company Campari Group has completed the acquisition of Baron Philippe de Rothschild France Distribution (RFD) for €60m ($66m).

Last December, Campari signed an agreement with Baron Philippe de Rothschild to acquire its wholly-owned subsidiary RFD.

The talks for the acquisition began in November when Campari entered into exclusive negotiations to acquire RFD.

At the time of signing the deal, Campari Group CEO Bob Kunze-Concewitz said: “This contemplated acquisition is a key step forward into Campari Group’s long-term growth strategy aimed at continuously strengthening our route-to-market globally.

“France is a core and high potential market for Campari Group, mainly thanks to our aperitifs business and the newly acquired rhum agricole premium brands Trois Rivières and La Mauny.

“This deal offers us a unique opportunity to insource RFD’s strong distribution capabilities and therefore operate directly in this  market, benefitting from the significantly increased critical mass as well as an enhanced focus on our core brand portfolio.”

RFD distributes a wide range of international premium spirit, wine and champagne brands in France.

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Since 2009, RFD has been an exclusive distributor of Campari Group’s brands including Aperol, Campari, Glen Grant, Riccadonna and Grand Marnier in the French market.

To fund this acquisition, Campari made use of the available resources and paid using cash.

The Italian company notes that it has also obtained the antitrust clearance, to change the name of the company to Campari France Distribution.

Last October, Campari Group acquired a controlling interest in alcoholic beverage brands Ancho Reyes and Montelobos from a group of Mexican entrepreneurs.

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

Campari Group is one of the largest companies across the world in the premium spirits industry, with products marketed and distributed in more than 190 countries worldwide.