Alantra advised the shareholders of Bulldog Gin on the sale of the company to Campari Group

Feb 2017

Sell-side advisory

Value $70 million

After inking a worldwide distribution deal in 2013, Campari and Bulldog Gin renegotiated the terms of their collaboration in order for Gruppo Campari to accelerate the purchase of the brand Founded in 2007 by entrepreneur and former investment banker Anshuman Vohra, Bulldog Gin is the world’s 4th largest premium gin and one of the fastest growing gin brand with c. 150,000 9L cases shipped in 2016 This transaction marks the first deal of Alantra’s embryonic worldwide, Paris-headed beverage transaction team***

Alantra advises the shareholders of Bulldog Gin in the sale of the brand to Gruppo Campari for US$55m, plus working capital and assumed liabilities for US$3.4m. The agreement foresees the possibility of an earn-out payable upon the achievement of certain incremental sales volumes according to agreed volume targets. The deal leaves cash-on-hand and other assets on Bulldog’s balance sheet, resulting in approximate proceeds of US$70m at closing to Bulldog’s shareholders.

The closing is expected by mid-February 2017.

Launched in the USA in 2007 and subsequently in Europe, Bulldog Gin is, according to IWSR, the #4 premium gin in the world and is available today in 95 countries, with a strong concentration in Europe. Spain, Benelux, the UK, Global Travel Retail and the USA are the brand’s largest markets. Bulldog Gin achieved net sales of US$12m in 2016, an increase of approx. 22% on 2015 on a like-for-like basis, with approx. 150,000 9L cases sold globally.

Gruppo Campari is a major player in the global spirits industry, with a portfolio of over 50 premium and super premium brands, spreading across Global, Regional and Local priorities. Global Priorities, the Group’s key focus, include Aperol, Appleton Estate, Campari, SKYY, Wild Turkey and Grand Marnier.

Founder Anshuman Vohra, who will stay on for a period of time in a Founder/Brand Ambassador capacity, says: “Bulldog has always been a labor of love for me and I’m quite pleased to hand over control of Bulldog to a venerable institution such as Gruppo Campari. I’ve had the pleasure of working with their very professional organization for the last few years and am confident the brand will continue to excel in its new home. The Alantra team provided us with top-class investment banking advisory services and helped us achieve a successful outcome with Campari thanks to their knowledge of the spirits sector and their strong ties with potential buyers globally”

Ashley Rountree, Managing Partner at Alantra, comments: “We are very glad to have accompanied the shareholders of Bulldog Gin in creating alternatives and help them find a transaction structure that enabled them to achieve attractive returns and will help accelerate the brand’s growth. This is our second premium gin deal in the last 18 months and we will capitalize on this momentum to continue delivering high value-added M&A services to our client in the Beverage industry. We have recently launched a global initiative in the Beverage sector (spirits and non-alcoholic drinks) to leverage our sector knowledge and our local teams.”