Campari Sells Agricole Rum Portfolio: Buyer French Les Bienheureux

Campari Group has found a buyer for its agricole rum assets in Martinique. The French spirits company Les Bienheureux has signed a memorandum of understanding to acquire Bellonnie et Bourdillon Successeurs, which is under Campari’s control. BBS owns the Trois Rivières, Maison La Mauny, and Duquesne brands.

The parties did not disclose the transaction amount. The completion of the agreement is subject to the fulfillment of customary closing conditions; therefore, the ownership of the brands has not yet definitively changed hands.

Campari’s intention to sell these assets first emerged with the results for the first half of 2026 announced on July 29. At that time, the company stated that it was in talks to divest BBS but did not disclose the name of the buyer.

Campari Acquired These Brands for 60 Million Euros in 2019

Campari purchased BBS assets, including Trois Rivières and Maison La Mauny, in 2019. The company value announced at that time was 60 million euros. The group described the acquisition as a move to strengthen its presence in the premium rum category and particularly its scale in the French market.

The sale of the same assets seven years later indicates a shift in Campari’s strategy.

The company is now trying to allocate capital to fewer brands that it sees as having higher growth and profitability potential, rather than building a broader brand portfolio.

Portfolio Simplification Has Accelerated Since 2025

Campari CEO Simon Hunt had stated that by the end of 2025, the group would make sharper selections within its portfolio of approximately 70 brands. According to Reuters, the company assessed that more than 30 smaller brands generated about 220 million euros in sales but contributed limited profitability to the group.

This approach later translated into sales.

Campari agreed to sell Averna and Zedda Piras for 100 million euros to Illva Saronno; in the summer of 2026, it decided to transfer the Bisquit & Dubouché Cognac and Cabo Wabo tequila brands to Cobblestone Brands. The sale of BBS is a continuation of this process.

In Campari’s first half 2026 report, it is noted that a 56 million euro valuation adjustment and transaction costs were recorded due to portfolio optimization and sales of non-core assets.

Is Campari Completely Exiting Agricole Rum?

The sale of BBS means that Campari is exiting the Martinique-based Trois Rivières, Maison La Mauny, and Duquesne brands. However, this should not be interpreted as the group completely leaving the rum category.

Campari’s portfolio includes significant rum brands such as Appleton Estate and Wray & Nephew based in Jamaica. Therefore, the decision should be seen more as the divestment of a specific regional asset group and the redistribution of capital within the portfolio.

The important distinction here is: the company is "not exiting rum"; it is reselecting which rum brands to prioritize.

Scale Expansion Move for Les Bienheureux

For the buyer Les Bienheureux, the transaction carries a different significance.

The French group operates with Bellevoye whisky, El Pasador de Oro rum, and various premium spirits brands. If BBS is added, not only could the brand portfolio grow, but the production infrastructure in Martinique and expertise in agricole rum could significantly expand the group’s scale. La Revue du Vin de France considers the transaction a purchase that could create a "scale change" for Les Bienheureux.

The raw material for agricole rum production comes directly from sugarcane juice, and the production conditions under Martinique AOC make these assets more strategic than just a brand acquisition.

For this reason, the buyer is preparing to acquire not only the name on the bottle but also production knowledge, inventory, supply relationships, and local operations.

What Changes Could There Be in Terms of Bar and Distribution Channels?

The impact of such transactions on HORECA is often not noticeable on the first day.

When the brand owner changes, the main question is how distribution, pricing, and marketing investment will be shaped.

Les Bienheureux may prefer to support Trois Rivières and Maison La Mauny more strongly in the France and European on-trade channel. Conversely, exiting Campari’s global sales organization could mean distributor changes or a reassessment of portfolio priorities in some markets.

Indicators to be monitored from the perspective of bars and importers will be availability, distributor structure, pricing policy, and whether the positioning of the brands in cocktail programs will change.

Stafflink’s View

In our opinion, the main message in Campari’s sale of agricole rum is that large spirits groups are moving away from the approach of "the more brands, the stronger the portfolio".

A high number of brands can generate sales; however, the need for each brand to have separate marketing budgets, inventory, teams, and distribution focus increases portfolio complexity.

Therefore, portfolio simplification is not just a financial transaction but a decision for organizational focus.

For Campari, success will be measured not by the number of brands sold but by how efficiently it can utilize the freed-up capital and management focus on Aperol, Campari, Espolòn, Appleton Estate, or other priority brands.