Campari’s rum move to lift sales

Italian drinks group Campari has bought a controlling stake in Jamaican rum maker Lascelles deMercado as it seeks to overcome falling sales in Europe.

The owner of single malt Glen Grant will buy an 81.4 per cent interest in Lascelles from state-owned CL Financial in a deal that values the maker of Appleton Estate and Coruba rums at $414.8 million (£260.9m).

Milan-based Campari is targeting underlying sales growth of 5 per cent a year over the next five years, as it expands in fast-growing emerging markets to offset weaker demand in Europe.

The group saw sales in Europe fall 2.1 per cent in the first half, compared with 9.6 per cent growth in the Americas.