Italian Wine Brands (IWB) has acquired 100% of Enoitalia for an undisclosed sum, making it the second largest wine company in Italy in terms of annual revenues. Before the merger, IWB was the seventh largest Italian wine company in terms of sales, with annual revenues of €204 million (US$243 million), with Enoitalia just behind on €201 million (US$239.5 million).
Now that the two companies have joined forces, it puts IWB in second place behind the Riunite & Civ co-operative group, which makes approximately €600 million(US$714.8 million) in annual revenues.
It puts the company in first position among privately owned Italian wine firms, surpassing Marchesi Antinori, which boasts annual revenues of €221 million (US$263.3 million).
Enoitalia’s equity value was €150.5 million (US$179.3 million) and as part of the agreement, the selling party, represented by the Pizzolo family, will reinvest in IWB by subscribing to €1.4 million (US$1.67 million) in shares.
News of the merger prompted IWB’ share price to rise by 15% on the Milan Stock Exchange on June 18, the day after the sale was agreed.
Before the IWB-Enoitalia agreement, the market had witnessed the double entry of the Clessidra private equity fund, first with the acquisition of Botter and secondly with that of Mondo del Vino, creating a group with revenues of €350 million (US$416.9 million).
Earlier this year Antinori strengthened its leadership in the field of fine wines, by acquiring Jermann and entering in style the denomination of Collio, famous for its great whites.
Also on the acquisition trail, the Prosit holding company, owned by the Made in Italy Fund investor, recently acquired the American importer Votto Vines, which specializes in the distribution of Italian labels in the US.
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