Gruppo Campari sells the Italian winery Enrico Serafino to Krause Holdings, Inc.

Gruppo Campari sells the Italian winery Enrico Serafino to Krause Holdings, Inc.

Milan, June 11, 2015-Gruppo Campari announced today the signing of an agreement for the sale of 100% of the share capital of Enrico Serafino S.r.l. (‘Enrico Serafino’) to the US company Krause Holdings, Inc.

The deal consideration is € 6.1 million (USD 6.9 million at the current exchange rate) on a cash free / debt free basis. The business sold consists of the Enrico Serafino trademark as well as vineyards, vinification and production plants, inventory and real estate assets.

The closing date of the transaction is expected to be on June 30, 2015.

Moreover, it should be noted that effective from closing Gruppo Campari and Krause Holdings, Inc. will enter into an exclusive distribution agreement according to which Gruppo Campari, through its dedicated Business Unit Wines, will continue to distribute the Enrico Serafino wines portfolio in Italy and the export markets.

Enrico Serafino is a historical winery based in Piedmont, Italy, and is engaged in the wine growing and vinification of still and sparkling wines, including Barolo, Barbaresco, and Alta Langa wines, distributed under the same brand name.

Krause Holdings, Inc. is a diversified holding company owned by Kyle J. Krause. Operating companies owned by Krause Holdings, Inc. include, Kum & Go convenience retail stores, Solar Transport, and a significant portfolio of real estate properties. Mr. Krause and his wife, Sharon Krause, also own U.S. based organic farming operations.

Bob Kunze-Concewitz, Chief Executive OfficerGruppo Campari: ‘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 € 7.0 million (USD 7.9 million at the transaction date), as well as the Federated Pharmaceutical Division in Jamaica for a consideration of € 13.0 million (USD 14.0 million)’.

Kyle J. Krause, Chief Executive Officer – Krause Holdings, Inc.: ‘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’. 

Publishing date: 
11 Jun 2015
Last updated Jun 11 2015