Italy-based beverage company Campari Group has signed an agreement with Groupe Chevrillon and a group of minority shareholders to acquire French company Rhumantilles.

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

Rhumantilles owns 96.5% stake in the Martinique-based Bellonnie&Bourdillon Successeurs, the owner of French rum brands Trois Rivières and Maison La Mauny and Duquesne, a brand designed for the local market.

The two rum brands are said to have a strong presence in France and the potential for international growth.

All brands have obtained the Appellation d’Origine Controlée’ Rhum Agricole de la Martinique’ certification.

Upon completion of the deal, Campari Group will add Agricole rum brands to its portfolio.

Additionally, the company will be able to enhance its presence in the rum market, which is reported to be one of the significant alcoholic beverages in the mixology trend, as well as the growing cocktail culture.

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The company also intends to strengthen its presence in the French alcoholic beverage market.

The deal was announced in July and is expected to close during the fourth quarter of the year.

Last May, Campari Group reported that its pre-tax profits increased by 42.7% to €76.5m and its net financial debt declined by €42.8m due to capital gain from the disposal of the company’s Lemonsoda business in the first quarter (Q1) of 2018.

The company sold Lemonsoda for €81.5m. The acquisition of Bisquit for €59.4m also aided its debt reduction.