Campari sharpens spirits focus with wine sale

Gruppo Campari is to raise €62 million (about US$65.8m) from a wine sell-off to fund an “increasing focus on its core spirits business”, says CEO Bob Kunze-Concewitz.

Gruppo Campari Bob Kunze-Concewitz says the wine sale funds an “increasing focus” on his company’s “core spirits business”

In a deal announced on Friday, the Aperol parent firm will sell its Azienda Vinicola Tenute Sella & Mosca and Teruzzi & Puthod wine businesses to Terra Moretti Distribuzione. The transaction is expected to close before the end of 2016.

“We are very pleased to sign this transaction with Terra Moretti Distribuzione,” said Kunze-Concewitz.

“This transaction confirms Gruppo Campari strategy of streamlining non-core activities and increasing focus on its core spirits business. In particular, after this transaction, Gruppo Campari completes its exit from the Italian still wines business, started in 2015 with the disposal of Enrico Serafino.”

Speaking to The Spirits Business earlier this year, Kunze-Concewitz insisted there will be “no bargain sales” as the company continues to divest its non-core spirits portfolio.

“We’ve been quite transparent that the rest of the still wine business as well as the carbonated soft drinks business is not strategic. But as we are disciplined in making acquisitions, we’re also disciplined in our divestments, so there will be no bargain sales.”

In March 2016, Gruppo Campari announced it had reached an agreement to take over French liqueur Grand Marnier’s brand owner, Société des Produits Marnier Lapostolle (SPML) for around US$760m.