M&A

Wine, Angelini Wine & Estates towards the purchase of Umbrian winery Arnaldo Caprai

Estimated investment between 10 and 15 million. Marco Caprai will remain as ambassador

by Giorgio dell'Orefice

Tenute Arnado Caprai

3' min read

Translated by AI
Versione italiana

3' min read

Translated by AI
Versione italiana

Despite difficulties in foreign markets and falling consumption, the appeal of quality wine remains high. And not only among wine lovers but also among investors, especially if companies with a recognisable brand name on the markets are in their sights. Angelini Wine & Estates, the wine arm of the Angelini pharmaceutical group, is in the final stages of acquiring control of the Umbrian Arnaldo Caprai winery (we are talking about a sum of between 10 and 15 million), the leader label of Sagrantino di Montefalco, a forgotten native grape variety relaunched on the intuition of Arnaldo Caprai but then brought to international notoriety by the work of his son Marco.

The real restart for Angelini?

The news is important because it marks the real relaunch of Angelini Wine & Estates, a player that has all the credentials to play a leading role in the world of made-in-Italy wine.
Angelini holds, in fact, a veritable 'collier' of wineries of great prestige: from Bertani (Valpolicella) to Val di Suga (Montalcino), from San Leonino (Chianti) to Puiatti (Friuli) to Fazi Battaglia. Companies that were acquired over time and were initially reorganised and networked by a long-time wine manager such as Emilio Pedron.

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Subsequently, the group was handed over to another king maker in the wine sector: Ettore Nicoletto. Everything then augured well for a substantial commitment in the sector, but contrary to the wishes and, with the help of Covid, everything instead came to a standstill for a few years.

Then, in May 2024, with the arrival as managing director of Angelini Wine & Estates of Alberto Lusini, another manager with significant experience in the wine sector (formerly Ferrari Spumanti), a new course was set. Lusini immediately put in place an operation to restructure the company, thus laying the foundations for a new start.

The operation at the finish line

Angelini Wine & Estates has taken over the 49% stake in the capital of Arnaldo Caprai from the logistics group headed by Gabriele Volpi who, through his financial vehicle Romeo e Giulietta, had acquired it five years ago. And is now in the process of taking over from his sons the capital shares necessary for control. Marco Caprai son of founder Arnaldo (who passed away at the beginning of January) will remain a partner with a 25% share and will be ambassador of the new course.

Angelini Wine & Estates has six different wineries in Veneto, Friuli Venezia Giulia, Tuscany and Marche, has more than 450 hectares of vineyards, produces 3.5 million bottles and registers sales of around 23 million euros.

Caprai, leader in Sagrantino

Arnaldo Caprai, a company founded in 1971, currently has a turnover of around 8 million (around 10% from e-commerce) with an average production of around one million bottles from 150 hectares of vineyards (around 100 of which are owned and the rest leased). According to rumours in the world of finance, the Umbrian company had been on the market for some time, with negotiations already at an advanced stage with both the Oaktree fund and the Veneto-based Tommasi winery, but they never took the final decisive step.

Angelini Wine & Estates, on the other hand, is about to cross the finishing line, adding a seventh winery to the six already in the portfolio and a new territory, Umbria. For insiders, this is a masterstroke that, above all, marks the restart of a leading player in the sector. Just what Italia wine needs so much.

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