Italian spirits group Campari has agreed to sell its historic Cinzano vermouth and its Frattina grappa brands to domestic rival Caffo Group 1915 for 100 million euros ($117 million), it said on Thursday.
Founded in 1757, Cinzano, consumed mainly as an aperitif, was bought by Campari in 1999, while Frattina is a more recent acquisition, part of a deal from 2014.
New Campari CEO Simon Hunt, who took charge in January, said the sale “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.”
Both Cinzano and Frattina also include sparkling wine production alongside the vermouth and grappa which the two brands, respectively, are famous for.
In 2024 Cinzano and Frattina accounted for 2% of Campari’s overall net sales, with the two brands totalling a net 75 million euros.
The closing of the transaction is expected by the end of 2025. Mediobanca acted as financial advisor on the deal. ($1 = 0.8550 euros)
Source: Reuters.com