Campari Group has sold its Cinzano vermouth and sparkling wine brand to Italian peer Caffo Group 1915 for €100m (£85m).
The deal also includes Campari’s Frattina grappa and sparkling wine business, but excludes production facilities in Italy and Argentina, where Campari also produces other brands.
It is expected to close by the end of 2025.
Combined Cinzano and Frattina net sales in 2024 amounted to €75m, or around 2% of Campari Group’s net sales.
The Aperol brand owner set out plans to cut costs and divest non-core brands after missing forecasts in its third-quarter results last October.
Despite posting full-year sales growth ahead of analysts’ consensus in March, the group warned it expects 2025 to be a “transition year” due to the impact of US tariffs.
“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,” said Campari CEO Simon Hunt. “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 1915, best known as the owner of bitters brand Vecchio Amaro del Capo, described the acquisition as “an important step” in its “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,” said Caffo Group CEO Sebastiano Caffo. “Cinzano, a historic and iconic brand, will be pivotal to accelerate our international expansion, expanding immediately our footprint in more than 100 markets.”
Cinzano vermouth is sold in Morrisons and Waitrose, as well as on Ocado.
No comments yet