Campari announces that it has signed an agreement with all shareholders to acquire a 49% interest in Tannico, the leading e-commerce platform for wines and premium spirits in Italy.
The transaction structure foresees that Campari acquires 39% of the share capital of Tannico and simultaneously subscribes to a reserved capital increase to reach, in aggregate, a 49% shareholding.
Tannico has a market share of over 30%
Founded in 2013, Tannico is the market leader in online sales of wines and premium spirits in Italy, with a market share of over 30%.
With over 7 million unique visitors in the last 12 months, Tannico’s offering comprises 14.000 wines from over 2.500 domestic and international wineries.
In 2019, Tannico achieved net sales of €20.6 million. Net sales for the past three years (2016-2019) was approximately 50% and such trend grew significantly in Q1 2020, also due to the COVID19 emergency, approximately reaching break-even from a profitability standpoint.
Since 2017, Tannico has expanded its footprint to more than 20 markets, including USA, Germany, UK, and France.
The overall consideration for the 49% interest is €23.4 million.
Tannico held €1.6 million net cash as of 31 December 2019.
Campari Group will have the possibility to increase its interest to 100% starting from 2025, based on certain conditions.