Italy: Campari divests Italian still wine businesses
Campari, the Italian wine and spirits firm, has announced its exit from the Italian still wine business with an agreement for the sale of 100% of the share capital of Sella & Mosca and Teruzzi & Puthod to wine seller and distributor Terra Moretti.
Based in Sardinia, Sella & Mosca is one of the largest wine estates in Europe with 550 hectares of vineyards, producing red wines such as Marchese di Villamarina, Tanca Farra, Cannonau and Terre Rare, and white wines such as Monteoro, Vermentino di Gallura, Terre Bianche and Torbato.
Teruzzi & Puthod is described as the most important winery in the San Gimignano area of Tuscany and produces a range of wines including Terre di Tufi, Arcidiavolo and Peperino.
In the fiscal year ended 31st December 2015, the two companies registered overall net sales of €21.4 million. The overall deal consideration is equal to €62 million on a cash free / debt free basis, Campari said.
Commenting on the deal, Campari CEO Bob Kunze-Concewitz said: "We are very pleased to sign this transaction with Terra Moretti Distribuzione, leader in the distribution of premium wines, and a perfect fit for Sella & Mosca and Teruzzi & Puthod to ensure and further enhance the value and tradition of the brands at both national and international level, also thanks to the agreement with N.U.O. Capital. Moreover, this transaction confirms Gruppo Campari strategy of streamlining non-core activities and increasing focus on its core spirits business. In particular, after this transaction, Gruppo Campari completes its exit from the Italian still wines business, started in 2015 with the disposal of Enrico Serafino"