Gruppo Campari announced today that it has reached an agreement to sell the Lemonsoda business to Danish based beverage company Royal Unibrew A/S. The enterprise value is € 80.0 million on a cash free/debt free basis for 100% of the issued share capital of a wholly owned subsidiary of Davide Campari-Milano S.p.A.’s, and it is subject to the customary price adjustment mechanisms. The sold business includes the alcohol free fruit-flavoured carbonated variants Lemonsoda, Oransoda, Pelmosoda and Mojito Soda, grouped under the Freedea brand name, as well as the Crodo brands (with the exception of the brand Crodino). Besides the trademarks, the perimeter includes the manufacturing and bottling facility, located in Crodo, Northern Italy, and the attached water springs as well as the inventories. In the fiscal year ended 31 December 2016 the brands perimeter sold achieved total net sales of € 32.8 million and CAAP (Contribution after A&P), before allocated costs and depreciation, of € 6.3 million. The total net sales relating to the brands sold represented approximately 2% of Gruppo Campari’s net sales in FY2016. Italy is the brands’ core market, accounting for 84.3% of the overall net sales in FY2016. The overall deal consideration corresponds to a multiple of approximately 13 times the CAAP (Contribution after A&P), before allocated costs and depreciation, relating to the brands sold. The transaction is expected to be completed by the end of 2017. Rabobank was the exclusive advisor to Gruppo Campari in this transaction.