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Italian spirit group Campari has agreed to sell its Cinzano vermouth and sparkling wine business, along with Frattina grappa and sparkling wines, to the privately-owned Italian firm Caffo Group in a €100 million ($117 million deal).
This strategic move aligns with Campari’s plan to streamline its brand portfolio by offloading non-core assets, the company said in a statement, adding that the goal was to sharpen focus on core spirits, simplify operations and strengthen financial discipline.
Commenting on the deal, Campari CEO Simon Hunt said: ‘The sale of Cinzano vermouth and sparkling wines and Frattina businesses marks a key step in our strategy of streamlining our portfolio via disposals, allowing us to increase our commercial and marketing focus on our key core brands. We are very pleased to execute this transaction with Caffo Group 1915, a focused player in alcoholic beverages with strong international ambition, hence the best fit for the future development of these brands”.
Caffo Group CEO Sebastiano Caffo added: “‘Today’s acquisition is an important step in our international growth journey. Following the strong success we have recorded in Italy with Vecchio Amaro del Capo, market leader in its category, we have strengthened our position in the domestic market but we still have room for growth and a long journey ahead in international markets”.
Source: Campari
