18:31 (Il Sole 24 Ore Thomson Plus) – Milan, March 15 – negotiations with the owner of the Grand Marnier family have not been very rapid, given the 150 years of history and the seven generations that have followed the guide with included ‘emotional impact’ of such transactions. The family and ‘then divided into’ three branches with different needs, but two members of quite senior family have made themselves available to help in the transition and will stay with the company for five years, keeping their shares, with the obligation to vendercele after that term. However when we arrive at 50.01%, which should be by the end of June, we will have managerial control of the company ”, explains Kunze-Concewitz. As for synergies, the CEO points out that ‘the great synergy for Campari comes from the fact that the Grand Marnier has a distribution network and we have in all the important markets’. More ‘forward there will also be synergies in the purchase of raw materials or packaging. The multiple than EBITDA, equal to 13.7 times, paid for the acquisition also includes the estimated effects of the distribution agreement, it wishes to emphasize the CEO, noting that the operation ‘also took place this time in a so ‘very disciplined from the financial point of view’. The multiple and ‘fact’ very interesting, ’cause the media industry and’ 17 times, but almost all of the last deal was made over 20 ‘. Under the terms of sales is not ‘expected’ a big impact right away ‘from Grand Marnier. Over the past 10 years, “the brand and ‘been fairly constant, flat. It needs to be relaunched. But it’ s like a big ship, before turning it takes a little ‘time’. So ‘in the short term we expect an established ‘sales and then pick up the pace’. the societa ‘French also activities’ in Chilean and French wines that “represent 3% of turnover, so a very small share. It ‘clear that our focus and’ on ‘spirits’, on liquor. We decide on wines more ‘forward, not’ our priority ”, indicates the CEO. On the possibility ‘of new acquisitions, the consideration and’ now ‘we want to enjoy the Grand Marnier for a while’. Probably for a year and half or two we’ll be more ‘quiet’. However, ‘with the current size of the company over time we will make fewer acquisitions, but operations more’ big ‘. Kunze-Concewitz meanwhile, is optimistic about 2016:’ As we have said in the call on accounts 2015, we are confident. our industry and ‘more’ resistant to other global changes. The guidance that we have given the progress in terms of geography and brands on the basis of the results in 2015, remains. we have no reason to change it ‘. The – (RADIOCOR) 03/16/15 18:31:32 (0612) 5
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