Gruppo Campari has sold its Enrico Serafino winery to US-based Krause Holdings, in a deal worth €6.1m.
The acquisition covers vineyards, vinification and production plants, inventory and estate assets as well as the Barolo, Barbaresco and Alta Langa brands. Among Krause Holding’s other assets is the Kum & Go chain of convenience stores, which operates more than 400 stores across 11 US states, particularly in the Midwest.
The two companies will also enter into an exclusive distribution agreement where Campari, through its dedicated business unit for wines, will continue to distribute the Enrico Serafino wines portfolio both in Italy and overseas.
Enrico Serafino’s winery is located in the town of Canale, Piedmont, 25 miles southeast of Turin.
Gruppo Campari CEO Bob Kunze-Concewitz said: “The transaction underlines the Gruppo Campari strategy of strengthening its focus on its core high-margin spirits business also via the disposal of non-core assets. Since the beginning of 2015, Gruppo Campari successfully completed the sale of the Limoncetta di Sorrento brand in Italy, for a consideration of €7m, as well as the Federated Pharmaceutical Division in Jamaica for a consideration of €13m.”
Krause Holdings CEO Kyle J Krause added: “Enrico Serafino wines represent an excellent opportunity for us to become part of the rich and long history of a winery that was founded by Enrico Serafino in 1878. We intend to build on the heritage of the brand and focus on producing world-class quality wines. I am passionate about Italian wines, especially those from Piedmont, and this acquisition provides a platform in line with my intent to invest in and farm additional vineyards in the region.”
© FoodBev Media Ltd 2019
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