Davide Campari-milano N.v. · MIL:CPR
Davide Campari-milano — Merger or Acquisition (October 2022)
13 slides from Davide Campari-milano's merger presentation, Oct 31, 2022
Slide 1: Acquisition of Wilderness Trail Distillery
Acquisition of Wilderness Trail Distillery Bourbon primed to become Campari Group’s second major leg 31 October 2022
Slide 2: Deal Highlights
Deal Highlights Business overview Strategic rationale Deal structure Conclusion > Acquisition of an initial 70% stake, and in 2031 the remaining 30% interest via call/put option, in Wilderness Trail Distillery • skilfully handcrafted and fast-growing super premium bourbon and rye whiskey brand lever
Slide 3: Wilderness Trail super premium bourbon and rye whiskey range to further strengthen Campari Group's brand portfolio
Deal Highlights Business overview Strategic rationale Deal structure Conclusion Wilderness Trail super premium bourbon and rye whiskey range to further strengthen Campari Group’s brand portfolio > Located in Danville, Kentucky, USA, the distillery was launched in 2012 as a ‘premium craft distillery’
Slide 4: Campari Group's bourbon premiumization journey
Deal Highlights Business overview Strategic rationale Deal structure Conclusion Campari Group’s bourbon premiumization journey $110+ $90-$110 Limited Edition $55-$90 High-end $32 - $55 mixology & sipping Entry level Flavoured 4
Slide 5: Fine bourbon crafting through a blend of innovation and tradition
Deal Highlights Business overview Strategic rationale Deal structure Conclusion Fine bourbon crafting through a blend of innovation and tradition, enabling Campari Group to accelerate and significantly expand its innovation platform > Co-founders Shane Baker and Dr. Pat Heist with more than 20 years
Slide 6: Scaled and flexible state-of-the-art production infrastructure and warehousing capacity
Deal Highlights Business overview Strategic rationale Deal structure Conclusion Scaled and flexible state-of-the-art production infrastructure and warehousing capacity, significantly expanding our production capacity and ageing inventory to satisfy the future growth of our premium bourbons > Ranked
Slide 7: American whisky well positioned to continue its positive trends
Deal Highlights Business overview Strategic rationale Deal structure Conclusion American whisky well positioned to continue its positive trends > American Whiskey (incl. Kentucky Bourbon, Tennessee Whiskey, Rye Whiskey and Blended) is currently among the hottest spirits category in the US market, le
Slide 8: Wilderness Trail portfolio mix is to be reshaped shifting from bulk to brand
Deal Highlights Business overview Strategic rationale Deal structure Conclusion Wilderness Trail portfolio mix is to be reshaped shifting from bulk to brand > For FY2021, the acquired business achieved overall net sales of USD40.8 million (of which: Wilderness Trail Distillery brand of USD7.2 millio
Slide 9: Bourbon to become the second major leg after the aperitifs
Deal Highlights Business overview Strategic rationale Deal structure Conclusion Bourbon to become the second major leg after the aperitifs 2021 Campari Group Proforma Net Sales by core brand & category Rest of portfolio, 10% Aperol, 20% Other, 9% Scotch Whisky 2% Vermouth And Sparkling Wines, 3% Ape
Slide 10: Deal structure and valuation
Deal Highlights Business overview Strategic rationale Deal structure Conclusion Deal structure and valuation Acquired business > Wilderness Trail Distillery (including the full production facilities and visitor center) > Wilderness Trail trademark and related inventory Price and implied multiple > E
Slide 11: Conclusion
Deal Highlights Business overview Strategic rationale Deal structure Conclusion Conclusion > Further expand our bourbon brand portfolio by adding the fast growing super/ultra premium Wilderness Trail brand, accelerating our premiumisation journey and enriching our RARE portfolio > Expand production
Slide 12: Disclaimer
Disclaimer This announcement may contain certain forward-looking statements, estimates and forecasts reflecting the Target’s management current views with respect to certain future events. These forward-looking statements include, but are not limited to, all statements other than statements of histo
Slide 13: Contacts
DRAFT NOT FOR CIRCULATION CONTACTS i n ve s t o r. r e l a t i o n s @ c a m p a r i . c o m camparigroup.com
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