Italy’s Campari agrees to buy French cognac house Courvoisier for $1.2 billion

Italy’s Campari on Thursday agreed to acquire historic French cognac house Courvoisier from Beam Suntory for $1.2 billion, marking a big push into brandy with Campari’s biggest acquisition on record.

Chief Executive of Campari, Bob Kunze-Concewitz, who will be leaving next year, has made this marking achievement by purchasing top four cognac brandy. His long list of deals also includes purchase of Grand Marnier for 490 million euros in 2016.

“Christmas came early for Campari this year,” stated Kunze-Concewitz to analysts.

The Italian group, which wants half of its growth to be powered by acquisitions as it looks to become a more serious contender to spirits gains Diageo and Pernod Ricard, said cognac would now become the fourth major part of the group, alongside aperitifs, bourbon and tequila.

As per its website, Campari earlier owned a small cognac brand, Bisquit, though Grand Marier, a blend of cognac and orange liqueur, is a kep part of its portfolio.