Campari to take over Lascelles

Steven Jackson, Business Reporter

Italian-owned Campari Group will acquire the two segments of Lascelles deMercado in a takeover of the Jamaican company that was signed off on by the parties Sunday night.

Speaking exclusively with The Gleaner the morning after the deal was sealed, Campari executives said the company was also mulling a name change of the Lascelles group to Campari Jamaica but will definitely keep the Wray & Nephew and Appleton brand names.

It will acquire the spirits operations as well as the merchandising businesses.

Lascelles' other business segments, which include transport and insurance, will be sold to other parties.

Majority shareholder

Campari reached an agreement on Sunday to acquire 81.4 per cent of Lascelles from the majority shareholder, but will make a formal offer for 100 per cent of the listed company.

The deal transfers Jamaica's oldest company, J. Wray & Nephew Limited at 186 years old, from Trinidadian to European ownership. It also gives Campari ownership of the iconic Appleton rum brand.

The deal represents Campari's first ever rum acquisition, but the third-largest deal in its more than 150-year history. It has offered US$414.754 million for full ownership.

The transaction is expected to be finalised by December.

steven.jackson@gleanerjm.com