Campari ends the Year Shrinking for Growth

Illva Saronno Taps on the Opportunity

The announced agreement between Davide Campari Milano NV and Illva Saronno Holding SpA regarding the transfer of ownership for the Amaro Averna and Zedda Piras brands represents a pivotal moment in the European beverage alcohol landscape. It marks a distinct divergence in strategic operational philosophies between the two Italian entities. This transaction, valued at one hundred million euros, constitutes a significant component of the broader rationalisation programme currently being undertaken by the Campari Group, which seeks to streamline its extensive portfolio and reduce financial leverage following its substantial acquisition of Courvoisier Cognac in the previous years. The deal facilitates Campari’s exit from non-core regional assets while enabling the reallocation of capital to high-growth global priority brands such as Aperol and Espolòn Tequila, which command greater pricing power and international scalability. For Illva Saronno, the acquisition provides an immediate strengthening of its position as a diversified global player by integrating established heritage labels that offer robust synergies with its existing distribution network in key markets, including Germany and the United States. The transaction underscores a prevailing trend within the industry where major publicly traded conglomerates are optimising operations to combat inflationary pressures and service debt obligations. At the same time, private entities with longer investment horizons capitalise on the availability of undervalued heritage assets to build critical mass. Investor sentiment following the announcement has remained cautiously optimistic, as the market interprets the divestiture as a prudent fiscal measure to strengthen Campari’s balance sheet, despite the valuation multiple being below the group’s historical trading average. The strategic rationale for Illva Saronno is to expand its Made in Italy portfolio and capture the digestive liqueur category, which complements its flagship Disaronno brand and recent acquisitions in the whiskey and gin sectors. Completion of the deal is anticipated in the first half of 2026, subject to regulatory approvals. It will involve the transfer of production facilities in Sicily and Sardinia, which ensures the continuity of the authentic provenance that is central to the value proposition of both brands.