Campari Group has agreed to sell its historic Italian liqueur brands Amaro Averna and Zedda Piras to Illva Saronno Holding for €100 million, advancing its strategy to streamline operations and concentrate resources on higher-growth priorities. The transaction, announced on December 18, 2025, is expected to close in the first half of 2026.
The deal transfers the brands, intellectual property, production facilities in Caltanissetta, Sicily (for Averna) and Alghero, Sardinia (for Zedda Piras), inventories, and related assets to a new company owned by Illva Saronno, owner of Disaronno. Transitional agreements will see Campari continue blending and bottling Averna at its Canale facility and distributing both brands in key markets like Germany, Austria, and Switzerland, ensuring minimal disruption during the handover.
Averna, founded in 1868 and acquired by Campari in 2014, is one of Italy’s most iconic amari, with around 70% of sales from international markets—primarily the US, Germany, and Austria—while Italy accounts for 30%. Zedda Piras, a 19th-century myrtle liqueur from Sardinia acquired in 2002, is predominantly sold in Italy. Combined, the brands generated €26 million in net sales in the 12 months to September 2025.
Despite Averna’s strong heritage and international footprint, it has remained structurally constrained in scale relative to Campari’s global growth engines like Aperol and Campari. In the amaro category, the group will now limit its exposure to the single brand Braulio—a deliberate simplification rather than a signal of major reinvestment in the segment.
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Campari CEO Simon Hunt described the divestment as “another important step in our portfolio-streamlining strategy, aimed at refocusing on fewer bigger bets while supporting further deleveraging.” At approximately four times recent sales, the €100 million price represents a disciplined exit for these mature assets. This sale follows disposals earlier in 2025—including an Australian production facility in March, Cinzano in June, and the Tannico e-commerce platform in October—pushing total proceeds above €210 million and easing debt pressures lingering from acquisitions like Courvoisier.
For privately held Illva Saronno, the brands represent meaningful growth opportunities rather than peripheral distractions. The acquisition bolsters its position in priority markets (the US, Germany, and Italy) and adds two heritage Italian liqueurs to a portfolio that includes Disaronno, Tia Maria, and U.S.-focused assets such as Sagamore Spirit rye whiskey. CEO Marco Ferrari highlighted their fit with the company’s expertise in Sicilian and Italian classics.
The transaction comes amid broader portfolio adjustments in the spirits sector, where majors are divesting non-core or lower-return assets to more dedicated owners—evident in the same mid-December period from Pernod Ricard’s sale of Mumm Napa to Trinchero Family Estates and Diageo’s divestment of its East African Breweries stake to Asahi. This trend underscores a shift toward financial discipline and premium focus in a maturing market.
Ultimately, Averna and Zedda Piras stand to gain from Illva Saronno’s family-oriented stewardship and Italian heritage expertise, while Campari gains flexibility to reinforce its flagship drivers in a leaner configuration.
