Campari sells amaro Averna and mirto Zedda Piras to Illva Saronno for EUR 100 million
The deal reinforces Campari's focus on strategic brands, while Illva Saronno expands its international presence with two historic Italian brands
(Il Sole 24 Ore Radiocor) - Campari Group has reached an agreement to sell amaro Averna and mirto di Sardegna Zedda Piras to Illva Saronno Holding, owner of, among others, the iconic Disaronno and the historic Sicilian wines Florio and Duca di Salaparuta. The transaction is in line with the strategy announced during the recent Capital Markets Day to refocus the portfolio. The transaction involves the creation of a newly incorporated company to which the businesses of Averna and Zedda Piras will be contributed, including intellectual property, finished goods inventory, certain employees, the production facilities in Caltanissetta in Sicily (for Averna), and Alghero in Sardinia (for Zedda Piras), goodwill, other contractual agreements, and other related assets.
The total consideration for the transaction is €100 million for 100% of the new company and the inventory of finished products held by the Campari Group, with no cash or financial debt. The consideration, to be paid in cash, is subject to the usual price adjustment mechanisms. The determination of the capital gain is currently underway. The transaction is expected to close by the first half of 2026.
"The divestment of Averna and Zedda Piras marks another key step in our portfolio rationalisation strategy, with the aim of concentrating on fewer but more strategically impactful initiatives, while we continue to favour deleveraging, as highlighted on Capital Markets Day," said Simon Hunt, CEO of Campari Group.
As part of the transaction, and effective from closing, Illva Saronno Holding and Campari Group signed atransitional agreement for the blending and bottling of Averna at Campari Group's Italian plant in Canale, and a temporary distribution agreement under which Campari Group will continue to market Averna and Zedda Piras in certain markets such as Germany, Austria and Switzerland, prior to the transfer to Illva Saronno Holding's commercial structure. In the twelve months to September, net sales of Averna and Zedda Piras amounted to EUR 26 million. The contribution margin (gross margin after advertising and promotion expenses) was 17 million.
The acquisition 'represents a further step towards strengthening our role as a global player in the spirits sector. Thanks to their recognised quality and tradition, the two brands are an important addition to our international portfolio and will significantly strengthen our position in three of our priority markets (US, Germany and Italy),' added Marco Ferrari, CEO of Illva Saronno. The transaction, according to a note, 'represents another significant step in the implementation of the portfolio rationalisation strategy to strengthen the focus on core brands while contributing to business simplification and deleveraging'.
