ITALY: Campari acquires Tuscan winery
The Campari Group has strengthened its wine presence with the acquisition of a Tuscan winery. The company announced today (1 December) that it has acquired Teruzzi & Puthod for a consideration of EUR12m (US$14.1m). The purchase, through Campari's subsidiary Sella & Mosca, corresponds to a 2004 EBITDA multiple of 6.6 times, the group said.
"Through this deal we confirm our interest in the Italian wine market, further strengthening our position in the wine segment," Enzo Visone, Campari's CEO, said. "Moreover, thanks to the Teruzzi & Puthod's acquisition, the Campari Group reinforces its position in the wine business, also on the international markets, in particular Germany and the US."
The acquisition is expected to close by the end of this year and the consideration will be paid in cash.
Teruzzi & Puthod is the largest winery in the San Gimignano area and one of the largest in Tuscany, with an estate of 194 hectares, 90 of which are cultivated as vineyards. Net turnover last year for the winery was over EUR4m, of which more than 80% came from international markets.
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