MILAN, Dec 18 (Reuters) - Italian drinks group Campari said on Thursday it had agreed to sell its brands Averna and Zedda Piras to spirits company Illva Saronno for 100 million euros ($117.45 million)
Campari's €100M Sale of Averna and Zedda Piras to Illva
MILAN, Dec 18 (Reuters) - Italian drinks group Campari said on Thursday it had agreed to sell its brands Averna and Zedda Piras to spirits company Illva Saronno for 100 million euros ($117.45 million).
The sale is another step in Campari's strategy to shrink its portfolio, focus on its core brands and cut debt, the company said.
In November, the group unveiled a plan to streamline its brand portfolio and broaden its geographic reach as the spirits industry faces "unprecedented" pressure from inflation and shifting consumer behaviours.
"The sale of Averna and Zedda Piras is another important step in our portfolio-streamlining strategy, aimed at refocusing on fewer bigger bets," Campari Chief Executive Simon Hunt said in a statement.
The company will now focus on the Braulio brand as the only amaro - or herbal liqueur - in its portfolio, which counts some 70 drinks in total, the statement added.
Illva Saronno owns popular liqueur brand Disaronno and Sicilian wine brands Florio and Duca di Salaparuta.
In the 12 months to September, total net sales of Averna and Zedda Piras were 26 million euros.
As part of the deal, which is expected to close in the first half of 2026, the two companies will enter into a temporary manufacturing and distribution agreement, Campari said. It plans to continue distributing Averna and Zedda Piras in certain markets, including Germany, Austria and Switzerland.
($1 = 0.8514 euros)
(Reporting by Claudia Cristoferi, editing by Giulia Segreti and Thomas Derpinghaus)
