Italian drinks group Davide Campari has sold its Carolans Irish Cream and Irish Mist whiskey liqueur brands to US-based distillery group Heaven Hill for $165 million (€141.7 million).
The deal is part of Campari’s wider plan to sell off unwanted brands and cut its debt level, which increased last year after the acquisition of French liqueur Grand Marnier.
“With this transaction, we continue to streamline our non-strategic portfolio and further increase our focus on our priority spirit brands, particularly in our largest and core US market,” Campari chief executive Bob Kunze-Concewitz said in a statement on Monday.
Campari bought Carolans and Irish Mist, along with hazelnut liqueur Frangelico, in 2010 from William Grant & Sons for €129 million.
Carolans is the second-largest selling Irish cream whiskey liquor worldwide.
The two brands made up 2 per cent of Campari’s turnover in 2016, with combined net sales of €34 million.
(Additional reporting: PA)
