Campari Group and Moët Hennessy have assumed full control of the Italy-based Tannico e-commerce platform.
A joint venture between the pair, which shared Campari’s 49% stake in Tannico in July last year, has acquired the ten-year-old business outright from founder Marco Magnocavallo. While financial details were not disclosed, Campari’s initial move for just under half of Tannico in 2020 cost the group EUR23.4m [then-US$26.4m].
The formation of the JV 17 months ago saw Moët Hennessy pay Campari EUR25.6m [then-US$30.4m] for 50% of its equity capital.
Thierry Bertrand-Souleau has been recruited from Moet Hennessy parent LVMH’s Sephora retail business to become CEO. Subsequently, Magnocavallo will assume the role of honorary president.
In 2020, when direct-to-consumer sales of alcohol were at an all-time high, Tannico’s full-year sales came in at around EUR70m. The unit, which also holds majority control of Ventealapropriete.com in France, has been positioned by the two brand owners as having the potential to become “the leading European platform in the sale of wines and premium spirits”.
“Tannico is today an established player with market leadership positions in Italy and France,” said Campari CEO Bob Kunze-Concewitz. “We are happy to be able to continue with this project, taking it to an equally ambitious next phase.”
Speaking to Global Drinks Intel earlier this year, Kunze-Concewitz elaborated on Campari’s M&A strategy of late: “Most of the current deals are for start-ups that were founded five, ten, 15 years ago,” he said. “It’s normal that the founders of those businesses realise they can only take it to a certain level. To get to the next stage, they need the support – both financially as well as organisationally – of a larger player.”
