The company has taken a reported 14.6% stake in Capevin, the South African holding company that owns CVH Spirits, from ODC (BidCo), for £69.6m.
Scottish business CVH Spirits owns brands such as Deanston, Tobermory and Ledaig, as well as Scottish Leader and Black Bottle.
Campari already has distribution rights for CVH Spirits’ portfolio in France and South Korea.
Campari has also “exercised its right to appoint a board member and has additional governance rights to protect its minority position”, the group said.
The transaction was financed using available cash.
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