Gruppo Caffo 1915, the Italian family-owned producer known for Vecchio Amaro del Capo, has signed a definitive agreement to acquire the iconic Cinzano and Frattina brands from Campari Group for EUR 100 million (USD 107 million). The deal includes the full business of vermouth, sparkling wine, grappa, intellectual property rights, inventory, selected employees, and some equipment, but excludes production facilities in Italy and Argentina.
Cinzano, founded in 1757 and part of Campari since 1999, and Frattina, acquired through the 2014 purchase of Fratelli Averna S.p.A., generated a combined revenue of EUR 75 million in 2024. This represented about 2% of Campari’s total sales. The brands had shown steady growth, with a compound annual growth rate of 5% over the last four years and a contribution margin of EUR 21 million.
The transaction will lead to the creation of a new company (“NewCo”) to hold the transferred assets. While production sites are excluded, a transitional manufacturing and distribution agreement has been signed: Campari Group will continue to produce and distribute Cinzano in selected markets including Argentina, Spain, Mexico, Russia, South Korea, and South Africa until a full handover is completed. The closing of the transaction is expected by the end of 2025.
Simon Hunt, CEO of Campari, stated that the sale is part of a broader strategy to streamline the brand portfolio, allowing the company to concentrate on its core spirits business and reduce leverage following a series of major acquisitions. Mediobanca advised Campari on the transaction.
For Sebastiano Caffo, CEO of Gruppo Caffo 1915, this acquisition marks a pivotal step in expanding globally: “Thanks to the success of Vecchio Amaro del Capo in Italy, we’ve built a strong domestic base, but we still have room to grow internationally. Cinzano is a historic and iconic brand that will instantly open doors to over 100 markets worldwide.”
This move reflects Caffo’s ambition to reposition itself as a global player in the premium alcoholic beverage sector, leveraging its established distribution network and deep experience in brand development.
