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Italian Wine Brands' big deal

Acquires Enoitalia for an Equity Value of 150 million euros

The first private group in the wine sector in Italy is born, with a total turnover of 405 million euros.

Italian Wine Brands, wine group listed on Aim Italian segment of the Italian Stock Exchange, has announced the acquisition of 100% of the Enoitalia, a company founded in 1986 and still controlled by the family Pizzolo, with revenues of 200.8 million euro in 2020, with Ebitda of 17.1 million euro and net financial debt of 1.1 million euro.

The agreements provide that IWB will acquire 100% of Enoitalia's capital on the basis of a total Equity Value of € 150.5 million, an amount that will be paid in cash at the closing date. The family holding - as well as the majority shareholder of Enoitalia, Gruppo Pizzolo Srl - will reinvest in the IWB group through the subscription of 1,400,000 newly issued IWB ordinary shares at a price of 32.50 euros each, reaching a total stake equal to 15.91% of the share capital of IWB.

"A wider product and brand portfolio, an expansion of the customer base, a greater territorial diversification of sales, the entry into the Horeca sector, a doubling of volumes with production and commercial synergies: in short, more competitive strength". This is how Alessandro Mutinelli, President and CEO of IWB, commented on the operation. "Today a new chapter in our history opens, we have achieved what we promised at the time of listing and that is to become a leading aggregator in our sector", he added.

Through the integration of the two companies, the first Italian private wine group by size will be created, with aggregate revenues of € 405.1 million and an EBITDA of € 42.7 million (aggregate accounting data as at 31 December 2020). The entry of Enoitalia into the IWB scope of consolidation will also guarantee the strengthening of the presence of the IWB group on international markets, especially in the UK, where Enoitalia achieved 68.1 million euros in revenues in 2020 and in the US market, where Enoitalia achieved revenues of € 16.9 million in 2020.

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EFA News - European Food Agency