Campari sells Averna and Zedda Piras to Illva Saronno for 100 million

Campari has reached an agreement for the sale of bitters Averna and Sardinian myrtle Zedda Pirasfor 100 million euros, a Illva Saronno Holdingowner, among others, of the iconic Disaronno and the historic Sicilian wines Florio and Duca di Salaparuta.

This transaction, explains a note, “represents another significant step in the implementation of the portfolio rationalization strategy to strengthen the focus on the core brands, contributing to the simplification of the business and the reduction of financial leverage”.

Consistent with this strategy, in 2025, the Group announced the divestments of an Australian manufacturing and co-packing facility in March, and of Cinzano in June, which collectively represent approximately 3% of Campari Group net sales on a pro-forma basis. Furthermore, in October, Campari Group, through Dioniso Group (the 50/50 joint venture with Moet Hennessy), announced the sale of Tannico, the Italian wine and spirits e-commerce platform, to a private player in the sector. The total proceeds from these sales, including the sale of Averna and Zedda Piras, exceed 210 million.

In the twelve months ending in September 2025, Averna and Zedda Piras net sales amounted to 26 million. The contribution margin (gross margin after advertising and promotion expenses) amounted to 17 million. The total consideration for the operation is equal to 100 million for 100% of NewCo and the finished products warehouse held by Campari Group, in the absence of cash or financial debt. The consideration, to be paid in cash, is subject to the usual price adjustment mechanisms.

The determination of the capital gain is currently underway. The closing of the transaction is expected within the first half of 2026. In this transaction, Mediobanca acted as financial advisor for Campari Group, PedersoliGattai acted as legal advisor, and Biscozzi Nobili&Partners acted as tax advisor. For Illva Saronno Holding, PwC acted as commercial, financial and tax consultant and BonelliErede as legal consultant.

“The sale of Averna and Zedda Piras – he declared Simon Huntchief executive officer-Campari Group – marks a further fundamental step in our portfolio rationalization strategy, with the aim of focusing on a smaller number of initiatives, but with greater strategic impact, while we continue to favor the reduction of financial leverage, as highlighted in the Capital Markets Day. We are thrilled to sign this agreement with Illva Saronno Holding SpA, a reference company in the alcoholic beverages sector and an ideal partner to support the future development of these brands, thanks to the consolidated experience and deep connection with Sicilian brands and products. I would like to express my sincere gratitude to our teams for their commitment and dedication to enhancing and protecting these brands over the years.”

“The acquisition of Averna and Zedda Piras – he commented Marco Ferrarichief executive officer del Illva Saronno Group – represents a further step towards strengthening our role as a global player in the spirits sector. Thanks to their recognized quality and tradition, the two brands constitute an important addition to our international portfolio and will significantly strengthen our position in three of our priority markets (United States, Germany and Italy). Illva Saronno, with its solid international presence, is proud to promote Italian culture and lifestyle around the world, values ​​that we share and admire in the Campari Group. We are confident that under our leadership the brands will continue to thrive in the coming years.”

The transaction involves the creation of a newly established company to which the businesses of Averna and Zedda Piras will be transferred, including intellectual property, the warehouse of finished products, some employees, the production plants in Caltanissetta in Sicily (for Averna), and Alghero in Sardinia (for Zedda Piras), goodwill, other contractual agreements as well as other related activities. As part of the transaction and effective from the closing date, Illva Saronno Holding and Campari Group have entered into a transitional agreement for the Averna blending and bottling production activities in Campari Group’s Italian plant in Canale and a temporary distribution agreement under which Campari Group will continue to market Averna and Zedda Piras in selected markets such as Germany, Austria and Switzerland, before the transition to the commercial structure of Illva Saronno Holding.

The history of the two brands acquired by the Illva Saronno group

Born in 1868, Amaro Avernathe traditional Sicilian liqueur, is one of the best-known bitters in the world, with a strong international presence (70% of sales are abroad, mainly the United States, Germany and Austria), while myrtle Zedda Pirasborn in the 19th century, has a strong focus on the Italian market. The two brands have always been recognized for their quality, solid reputation and rich heritage. And from today they enter the portfolio of Illva Saronnoowner, among others, of the iconic Disaronno and historic Sicilian wines Florio e Duke of Salaparutaafter the agreement reached with Campari Group.

Averna, one of the most iconic bitters of Sicily, was acquired by Campari Group in 2014 through the acquisition of Fratelli Averna, the owner of the Averna, Braulio, Limoncetta and Frattina brands. The group subsequently sold Limoncetta and Frattina, and today it also sells the Averna brand.

The Braulio brand remains in Campari’s portfolio, excluded from the scope of the sale, in line with the objective of strengthening the commitment to its growth as the only bitter in the portfolio. Italy constitutes the main market for Averna, representing approximately 30% of net sales, followed by Germany, the United States and Austria, which together represent approximately 85% of net sales.

Zedda Piras, contributed to the spread of myrtle liqueur in Italy, was acquired in 2002 by Campari Group together with Sella&Mosca, owner, among others, of Sella&Mosca, Caytai and Chateau Lamargue wines. The group subsequently sold the Sella&Mosca, Catai and Chateau Lamargue wines. The majority of Zedda Piras’ net sales are concentrated in Italy.

With a consolidated annual turnover of approximately 400 million euros and over 800 employees worldwide, Illva Saronno controls distribution through its operating companies in the USA, UK, Netherlands, Belgium, India and Italy, reaching more than 160 countries thanks to a solid network of third-party distributors.

This operation represents a further important step for Illva Saronno in its expansion path, which began with the acquisition of Tia Maria coffee liqueur in 2009, followed by the recent acquisitions of Sagamore Rye Whisky in 2023 and of Engine Gin in 2024. The Holding’s non-organic growth has also included positive diversification into the ice cream ingredients sector through Disaronno Ingredients.