Italian Wine Brands (IWB), an Italian winery, has announced the acquisition of 100% of its peer Enoitalia for an equity value of €150 million ($179 million).
With both companies each generating a little over €200 million ($239 million) in annual sales, the deal is set to create Italy’s largest private wine company.
The acquisition of Enoitalia will also support IWB’s geographic expansion, by virtue of the former’s presence in markets such as the US and the UK.
Commenting on the operation, IWB president and CEO Alessandro Mutinelli said: “Today a new chapter in our history opens, we have achieved what we promised at the time of listing and that is to become a leading aggregator in our sector. [The acqusition provides for] a wider product and brand portfolio, an expansion of the customer base, a greater territorial diversification of sales, the entry into the Horeca sector, a doubling of volumes with production and commercial synergies: in short, more competitive strength”.
Source: The Drinks Business / EFA News