Campari sells Averna and Zedda Piras, raising £88m
The Italian spirits group is accelerating efforts to streamline its portfolio and strengthen its balance sheet. The latest divestment raises a further £88 million as Campari sharpens its focus on core brands.
In its continuing effort to reduce debt and improve its returns on working capital, Campari is raising a further €100m through unloading smaller and weaker brands.
The company says its deal to sell Averna and Zedda Piras to spirits company Illva Saronno “is a further step in Campari’s broader strategy to streamline its portfolio, to focus on its core brands, to support financial deleverage.”
In the amaro category, the group will now focus on its Braulio brand.
Illva Saronno expands portfolio
Illva Saronno Holding S.p.A owns the liqueur brand Disaronno and the Sicilian wine brands Florio and Duca di Salaparuta, among others.
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After almost 20 years of acquisitions, Campari has been hard hit by the downturn in sales and the need to reduce its debt, especially in the wake of the US$1.2 billion deal to buy Courvoisier Cognac.
This year, it announced the disposal of its Australian production facility and co-packing business, and in June, it sold Cinzano, deals which reduced its total global sales by around 3%.
More sales completed in 2024
In October, Campari Group also announced the sale of Tannico, the Italian e-commerce platform for wine and spirits, to a private industry player.
The total proceeds from these sales are more than €210 million.
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