Campari Group has agreed to acquire a 49% interest in Tannico, an ecommerce platform for wines and premium spirits in Italy, in a deal worth €23.4 million.
The Italian beverage company said its move represents its confirmed commitment to the development of the online channel, as its set to grow following the Covid-19 pandemic.
Under the terms of the transaction, Campari will acquire 39% of Tannico’s shares, while subscribing to a reserved capital increase to reach a 49% shareholding.
Following the acquisition, Campari will have the possibility to increase its stake to 100% starting from 2025, based on certain conditions.
Founded in 2013, Tannico’s online offering includes 14,000 wines from over 2,500 domestic and international wineries, as well as high-end spirits. Since 2017, Tannico has expanded its footprint to more than 20 markets, including the USA, Germany, UK, and France.
According to Campari, Tannico received over 7 million visitors in the last 12 months and recorded net sales of €20.6 million in 2019.
“Being an essential part of our digital transformation journey, ecommerce is a strategically relevant channel for our business. In this respect, Tannico…represents a unique and strategic fit with our long-term business development goals,” said Bob Kunze-Concewitz, CEO of Campari Group.
He continued: “By leveraging Tannico’s expertise, we will accelerate our development plans in ecommerce, an already growing channel, but set to become even more strategic following the likely long-lasting changing consumer behaviours due to the Covid-19 emergency, largely enhancing our digital capabilities.”
Marco Magnocavallo, CEO and co-founder of Tannico, added: “In this moment, as consumers largely evolve in their purchasing behaviours getting increasingly closer to the online world, it is essential for Tannico to have the necessary resources to accelerate its development, without sacrificing the curation that characterises us.
“With Campari Group, we have found an ideal partner who can support us in consolidating our leadership in the Italian market as well as significantly expanding our business abroad and in the B2B channel.”
The transaction is expected to close by end of July 2020.
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