Italian drinks group Campari has agreed to buy 49% of online wines and spirits company Tannico to boost its online business amid the COVID-19 crisis, it said on Friday.
Campari said it had reached an agreement with Tannico's owners to buy 39% of the company's capital while subscribing to a reserved capital increase to take an overall 49% of the firm in a deal worth €23.4 million ($26.55 million).
"By leveraging Tannico's expertise, we will accelerate our development plans in e-commerce, an already growing channel, but set to become even more strategic following the likely long-lasting changing consumer behaviours due to the COVID-19 emergency," Campari CEO Bob Kunze-Concewitz said.
Italy's Tannico, which operates in 20 markets around the world, had sales of €20.6 million last year and an average growth over the last three years of 50%.
Boost In Online Retail Services
The novel coronavirus outbreak has boosted online retail services around the world as stores have closed and many consumers have been locked down. Many people may be unwilling to venture into shopping areas for some time to come.
Campari said it would back Tannico's international development and its business-to-business services.
Vitale & Co SPA and Chiomenti Studio Legale advised Tannico shareholder P101 SGR on the deal, while Pedersoli Studio Legale and McDermott Will & Emery advised Campari Group.
