Campari slips, but for disposal brokers Averna and Zedda Piras consistent with plan

(Il Sole 24 Ore Radiocor) - There was a lukewarm reception from the market for the €100 million cash deal with which Campari Group sold amaro Averna and mirto di Sardegna Zedda Piras to Illva Saronno Holding, which already has in its portfolio the iconic Disaronno and the Sicilian wines Florio and Duca di Salaparuta. Analysts at Banca Akros, who confirm their 'buy' recommendation, speak of "strategically positive news because it confirms the current management's ability and willingness to promptly and effectively implement the strategy announced during November's Capital Markets Day and to reduce the group's leverage, allowing it to quickly focus on its core business".

The share price of Davide Campari , however, reacted little and, after having gained more than a point in the early stages, then turned negative with a drop of more than a point, in a FTSE MIB positive. The transaction, whose closing is expected within the first half of 2026, envisages the creation of a newly incorporated company to which the businesses of Averna and Zedda Piras will be contributed, including intellectual property, the finished goods warehouse, some employees, the production plants in Caltanissetta in Sicily (for Averna), and Alghero in Sardinia (for Zedda Piras), goodwill, other contractual agreements as well as other related assets. The sum envisaged, precisely EUR 100 million, will be for 100% of the new company and Campari's finished goods warehouse.

"The sale appears consistent with the new strategic course under CEO Simon Hunt, focused on 'fewer, bigger bets', reducing complexity and strengthening the financial profile. The implied multiple (around 3.8 times sales) is in line with comparable transactions in the spirits segment for mature and domestic assets," say Intermonte analysts. The transaction is part of the portfolio rationalisation and deleveraging strategy outlined in November and follows other divestments already announced in 2025 (Cinzano, Australian production site, Tannico).

Campari will instead retain Braulio as the only bitter in the portfolio, on which it intends to further focus investment. "The retention of Braulio signals a clear strategic priority on the bitter with the greatest potential for international growth, while the exit from Averna and Zedda Piras frees up resources to be reallocated to the global core brands (Aperol in primis) and supports the group's deleveraging path," adds Intermonte. Also for Equita, the agreement is "positive and a further step in the direction of a progressive rationalisation of the product portfolio and reduction of leverage (slight further improvement to 2.2 times from 2.3 times on the 2026 pro-forma estimate)".

In this transaction, Mediobanca acted for Campari Group as financial advisor, PedersoliGattai as legal advisor, and Biscozzi Nobili&Partners as tax advisor. For Illva Saronno Holding S.p.A., PwC acted as commercial, financial and tax advisor, and BonelliErede as legal advisor.