Gruppo Campari announced the signing of an agreement for the sale of 100% of the share capital of Azienda Vinicola Tenute Sella & Mosca S.p.A. (‘Sella & Mosca’) and 100% of the share capital of Teruzzi & Puthod S.r.l. (‘Teruzzi & Puthod’) to Terra Moretti Distribuzione S.r.l., controlled by Terra Moretti Sp.A. and Simest S.p.A., and which will be participated also by N.U.O. Capital. The overall deal consideration is equal to € 62 million on a cash free / debt free basis. The structure of the deal foresees a cash payment of € 57 million to be transferred at the closing and the remaining amount to be corresponded with a deferred payment in 4 years time guaranteed by a pledge on Teruzzi & Puthod shares, with maturing interests. The business sold consists of the Sella & Mosca and Teruzzi & Puthod trademarks, as well as the vineyards, vinification and production plants, inventory and real estate assets. In the fiscal year ended 31 December 2015, the two companies registered overall net sales of € 21.4 million and overall EBITDA pro-forma of approx. € 3.2 million. The overall deal consideration corresponds to an expected multiple of 13.9 times the overall pro-forma EBITDA expected in 2016 (corresponding to approx. € 4.4 million). The closing of the transaction is expected before the end of 2016. Mediobanca S.p.A. acted as financial advisors to Gruppo Campari on this transaction. Clifford Chance acted as legal advisors.
Wineries profile
Based in Sardinia, Sella & Mosca is one of the most important wineries in Italy and one of the largest estates in Europe (with 550 hectares of vineyards). It is engaged in the vinification of still and sparkling wines, with an increasing presence in premium wines segment, including red wines such as Marchese di Villamarina, Tanca Farrà, Cannonau and Terre Rare; and white wines Monteoro, Vermentino di Gallura, Terre Bianche and Torbato. Teruzzi & Puthod is the most important winery in the San Gimignano area (Tuscany), and is a prestigious brand for Vernaccia di San Gimignano. The product range comprises premium wines including Terre di Tufi, Arcidiavolo and Peperino. After the disposal of Sella & Mosca and Teruzzi & Puthod, which entered into Gruppo Campari’s portfolio in 2002 and 2005 respectively, Gruppo Campari completed the exit from the Italian still wines business. This commitment started in 2015 with the disposal of the Italian winery Enrico Serafino S.r.l.
