Campari Group has agreed to sell Italian liqueur brands Amaro Averna and Zedda Piras to Disaronno and Tia Maria owner Illva Saronno for €100m (£88m).
The transaction, struck for an undisclosed sum and expected to close in the first half of next year, would strengthen Illva Saronno’s position as a “global spirits player” said CEO Marco Ferrari.
Amaro Averna, a Sicilian liqueur brand, draws some 70% of its sales from international markets including the US, Germany and Austria. Sardinian myrtle-based liqueur Zedda Piras, meanwhile, is predominantly sold in its domestic Italian market.
Both brands would “integrate seamlessly and strategically into Illva Saronno’s portfolio, carrying strong synergies and further strengthening its portfolio of international premium wines and spirits”, the supplier said.
“With their recognised quality and heritage, the two brands are a great addition to our international portfolio,” said Ferrari. “They will significantly reinforce our position in three of our priority markets (US, Germany and Italy).”
Meanwhile, Campari CEO Simon Hunt said the offload was “another important step” in the business’ bid to streamline its portfolio and focus on “fewer bigger bets, while supporting further deleverage”.
“We are very pleased to execute this transaction with Illva Saronno, a strong player in the alcoholic beverages market and the best possible fit for the future development of these brands,” he said. “I would like to express my gratitude to our teams for their commitment and hard work in looking after these brands over the years.”
Earlier this year, Campari offloaded its Cinzano vermouth and sparkling wine brand to Italian peer Caffo Group 1915 for €100m.
The Aperol brand owner first set out plans to cut costs and divest non-core brands last October.
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