Italian spirits company Illva Saronno has bought the Averna and Zedda Piras brands from Campari for €100m ($117m).
Illva Saronno CEO Marco Ferrari said the deal “is another step towards strengthening our role as a global spirits player” and would boost the Disaronno’s position in the “priority” markets of the US, Germany and Italy.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Campari set out a plan to cut and sell non-core brands in last year as part of efforts to provide more resources to “core priority brands” that sit within four Houses of Brands – the House of Aperitifs, House of Whiskey and Rum, House of Tequila and House of Cognac & Champagne.
Simon Hunt, Campari’s CEO, added: “The sale of Averna and Zedda Piras is another important step in our portfolio streamlining strategy, aimed at refocusing on fewer bigger bets, while supporting further deleverage.”
The transaction is expected to close in the first half of next year.
Last month, Corriere della Serra reported Campari was looking to sell three brands – Averna, Zedda Piras and Braulio.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn June, the Appleton Estate rum producer sold vermouth brand Cinzano to fellow Italian distiller Caffo Group 1915 for €100m.
Three months earlier, Campari announced the disposal of its Australian production facility and co-packing business.
The deal with Illva Saronno includes a production plant in Sicily for Averna and another in Sardinia for Zedda Piras.
Ferrari added: “With their recognised quality and heritage, the two brands are a great addition to our international portfolio and will significantly reinforce our position in three of our priority markets.”
