Campari announces the acquisition of Teruzzi & Puthod
Strengthening the Group’s position in the wines segment through the
acquisition of a Tuscan winery, leader in the Vernaccia of San Gimignano
Deal’s value € 12 million, corresponding to a
2004 EBITDA multiple of 6.6 times
194 hectares, 90 of which are vineyards
Milan, 1 December 2005 - The Campari Group announces the signing, through its subsidiary Sella & Mosca, of an agreement for the purchase of 100% of the Teruzzi & Puthod winery, owned by Mr.
Teruzzi and Ms. Puthod, for a consideration of € 12 million, corresponding to a 2004 EBITDA multiple of 6.6 times.
Teruzzi & Puthod, incorporated in 1974, is currently the largest winery in the San Gimignano area and one of the largest in Tuscany, with an estate of 194 hectares, 90 of which are cultivated as vineyards.
In 2004 net turnover of Teruzzi & Puthod was over € 4 million, of which more than 80% achieved on the international markets, in particular Germany and the US.
The company’s portfolio includes a number of wine brands, mostly white, among which the important and complex Terre di Tufi and the fresh and fruity Vernaccia of San Gimignano.
Enzo Visone, Campari’s CEO stated, “Through this deal we confirm our interest in the Italian wine market, further strengthening our position in the wine segment. Moreover, thanks to the Teruzzi & Puthod’s acquisition the Campari Group reinforces its position in the wine business, also on the international markets, in particular Germany and the US”.
The acquisition is expected to be closed by the end of 2005 and the consideration will be paid in cash.
The Campari Group therefore integrates its offer in the wine segment, which already includes the Cinzano and Riccadonna brands, the Enrico Serafino wines from Piedmont and the high-end wines of the Sardinian Sella & Mosca, whose products include La Cala, Terre Bianche, Cannonau Riserva, the prestigious Monteoro and Arenarie white wines, and the well-known Marchese di Villamarina and Tanca Farrà red wines. Sella & Mosca S.p.A. in turn holds around 93.66% of Quingdao Sella & Mosca Winery Co. Ltd., a Chinese trading joint venture with local partners producing the Chinese wine brand Catai, as well as 100% of Société Civile du Domaine de la Margue that produces the high quality wine range Chateau Lamargue.