DUBLIN – In a move that signals a significant shift in the competitive landscape of the global premium spirits industry, the Dublin-based Cobblestone Brands has officially entered into a definitive agreement to acquire two high-profile heritage brands from the Italian spirits giant, Campari Group. The acquisition includes the rock-and-roll-born Cabo Wabo Tequila and the historic French Cognac house Bisquit & Dubouché.

The transaction, which is slated for completion by October 31, 2026, represents a "transformational moment" for Cobblestone Brands, according to company leadership. While the financial specifics of the double-brand acquisition remain undisclosed, the deal marks the most ambitious expansion in Cobblestone’s history, positioning the firm as an emerging powerhouse in the international spirits market.

Main Facts: A Strategic Reshuffling of Premium Assets

The acquisition involves two brands with vastly different cultural identities but shared potential for revitalization under a more focused management structure.

Cabo Wabo Tequila: From Celebrity Roots to Category Staple

Cabo Wabo Tequila, co-founded in 1996 by legendary Van Halen frontman Sammy Hagar, was a pioneer in the celebrity-backed spirits movement long before the current agave boom. Campari Group initially acquired an 80% stake in the brand in 2007 for US$80 million, later purchasing the remaining 20% in 2010. Currently distributed in over 20 US states, Cabo Wabo has maintained a loyal consumer base despite being overshadowed by newer celebrity entrants in recent years. For Cobblestone, the brand offers an established entry point into the lucrative American Tequila market.

Bisquit & Dubouché: A Pillar of French Heritage

On the other side of the Atlantic, Bisquit & Dubouché brings over two centuries of French craftsmanship to the Cobblestone portfolio. Founded in 1819, the Cognac house is anchored by an extraordinary château in the heart of the Cognac region. While it maintains an international footprint across Europe and the Asia-Pacific region, it has found particular success in South Africa—a market Cobblestone identifies as one of the fastest-growing regions for the Cognac category.

Deal Specifics and Timeline

The agreement is the culmination of months of negotiations as Campari Group continues its broader strategy of portfolio "streamlining." Both parties have confirmed that the transition of operations, inventory, and brand intellectual property is expected to be finalized by the end of October 2026. This timeline allows for a seamless handoff of distribution networks, particularly in the United States and Global Travel Retail (GTR).

Chronology: The Evolution of Cobblestone Brands and the Campari Divestiture

To understand the magnitude of this deal, one must look at the trajectory of Cobblestone Brands over the last 24 months. The company has moved with remarkable speed to transition from a regional player to a global contender.

July 2025: The Catalyst

Exactly one year prior to the Campari deal, Cobblestone Brands made headlines by acquiring the Irish whiskey brands Knappogue Castle and Clontarf from Pernod Ricard. This acquisition served as the proof-of-concept for CEO Brian Fagan’s strategy: identifying "less-priority" brands within massive multinational conglomerates and providing them with the dedicated "commercial firepower" they lack in larger portfolios.

March 2026: Strengthening the Leadership

Recognizing that success in the US market requires veteran expertise, Cobblestone appointed Dennis Carr, the former CEO of Casa Azul, as its US boss. Carr’s appointment was a clear signal that the company was preparing for a major agave-based acquisition, a prediction that has now been realized with the Cabo Wabo deal.

July 2026: The Campari Pivot

As Cobblestone was building its infrastructure, Campari Group was undergoing its own strategic evolution. Following a streamlining strategy adopted in 2025, Campari began offloading non-core assets to reduce debt and focus on its "Global Priorities" (such as Aperol, Campari, and Espolón Tequila). In the months leading up to the Cobblestone deal, Campari offloaded Cinzano Vermouth, sold its Australian production facility, and divested its stake in Howler Head Bourbon. The sale of Cabo Wabo and Bisquit & Dubouché is the latest—and perhaps most significant—step in this deleveraging process.

Supporting Data: Market Context and Financial Performance

The acquisition comes at a time when the spirits industry is navigating a "selective" premiumization environment. According to Campari Group’s H1 2026 financial results, released on July 29, the company posted a 2.7% organic growth for the half-year. While positive, the growth highlights a stabilizing market where conglomerates must be more surgical with their investments.

The Agave Opportunity

Tequila remains one of the most resilient categories in the US spirits market. While the "celebrity Tequila" space is crowded, Cabo Wabo possesses "legacy authenticity" that many newer brands lack. By acquiring a brand already present in 20 states, Cobblestone avoids the steep costs of a "from-scratch" launch while benefiting from the infrastructure already built around its Four Corners Gin and Star & Key Rum.

The Cognac Growth Engine

While Cognac has faced headwinds in the US and Chinese markets due to economic shifts, the "Rest of World" (RoW) segment is showing promise. Bisquit & Dubouché’s strong performance in South Africa provides Cobblestone with a hedge against volatility in traditional markets. The brand’s presence in Global Travel Retail (GTR) also aligns with Cobblestone’s recent expansion into the Middle East and Asian duty-free sectors.

Portfolio Synergy

The addition of these two brands brings Cobblestone’s portfolio to a critical mass. The current lineup now includes:

• Agave/Hemp: Cabo Wabo Tequila, Casa San Lucas.
• Whisk(e)y: Knappogue Castle, Clontarf, Irished Up (Cold Brew Irish Coffee).
• Gin/Rum: Four Corners Gin, Star & Key Rum.
• Cognac: Bisquit & Dubouché.

Official Responses: A Vision of "Focus and Firepower"

Brian Fagan, CEO and founder of Cobblestone Brands, expressed a clear vision for the future of these heritage labels. He emphasized that the company’s platform was specifically designed to breathe new life into brands that may have been "under-loved" within larger corporate structures.

"We have spent the past several years building a best-in-class route-to-market platform," Fagan stated. "This platform allows us to take great, but previously less-priority brands, and give them the investment, focus, and commercial firepower they deserve. Bisquit & Dubouché and Cabo Wabo are exactly the kind of brands we built this platform for."

Fagan specifically noted the "remarkable story" and "consumer loyalty" of Cabo Wabo, suggesting that Cobblestone intends to lean heavily into the brand’s authentic roots to transform its ability to service US distributors. Regarding the Cognac acquisition, Fagan highlighted the long-term nature of the investment: "Bisquit is one of France’s great Cognac houses… We believe deeply in its potential and we intend to invest in it for the long term."

The sentiment from Cobblestone suggests a move away from the "volume-at-all-costs" model toward a "brand-equity-first" approach. This was recently exemplified by the company’s celebratory gesture of gifting a bottle of the rare Knappogue Castle 1951 to the Mayo Gaelic football team following their historic All-Ireland win—a move that underscores Cobblestone’s strategy of tying its brands to high-value cultural moments.

Implications: The Rise of the "Mid-Tier" Powerhouse

The deal between Cobblestone Brands and Campari Group reflects a broader trend in the global spirits industry: the rise of mid-sized, agile groups that specialize in "brand rescue and revitalization."

1. Conglomerate Streamlining

For giants like Campari, Pernod Ricard, and Diageo, the post-pandemic era has been defined by a need to "trim the fat." As interest rates remained high through 2025 and 2026, reducing debt through the sale of non-core assets became a priority. This creates a secondary market where heritage brands—which still possess significant value—are sold to smaller firms that can afford to give them 100% of their attention.

2. The End of the "Celebrity Fad" and the Return of "Heritage"

The acquisition of Cabo Wabo suggests that the industry is moving past the "celebrity of the month" phase. Investors and distributors are looking for brands with "staying power." Cabo Wabo’s 30-year history provides a level of trust that newer ventures cannot replicate. Cobblestone is betting that "authenticity" will be the key driver of the next decade of spirits growth.

3. Dublin as a Global Spirits Hub

Cobblestone’s aggressive acquisition strategy also highlights the growing importance of Ireland—and Dublin specifically—as a hub for spirits management and finance. By leveraging Irish whiskey heritage and a global distribution mindset, Cobblestone is positioning itself as a European counterpart to US-based groups like Sazerac or Brown-Forman.

4. Future Outlook

As the October 31 completion date approaches, the industry will be watching how Cobblestone integrates these assets. The primary challenge will be navigating the complex US distribution tiers and revitalizing the Cognac category in a shifting global economy. However, with the appointment of Dennis Carr and a proven track record of integrating Pernod Ricard assets, Cobblestone Brands appears well-positioned to turn these "less-priority" labels into global leaders.

"This is a transformational moment for Cobblestone," Fagan concluded. "We are taking on brands with an extraordinary legacy at a point where we have a rare opportunity to invest and build. We are excited about what comes next."