The deal consideration is € 6.1 million (USD $6.9 million) on a cash free/debt free basis, according to a press release. The business sold consists of the Enrico Serafino trademark as well as vineyards, vinification and production plants, inventory and real estate assets.
The closing date of the transaction is expected to be on June 30, 2015.
Moreover, effective from closing, Gruppo Campari and Krause Holdings, Inc. will enter into an exclusive distribution agreement according to which Gruppo Campari, through its dedicated Business Unit Wines, will continue to distribute the Enrico Serafino wines portfolio in Italy and export markets.
Enrico Serafino is a winery based in Piedmont, Italy, and is engaged in the wine growing and vinification of still and sparkling wines, including Barolo, Barbaresco, and Alta Langa wines, distributed under the same brand name.
Krause Holdings, Inc. is a diversified holding company owned by Kyle J. Krause. Operating companies owned by Krause Holdings, Inc. include, Kum & Go convenience retail stores, Solar Transport, and a significant portfolio of real estate properties. Mr. Krause and his wife, Sharon Krause, also own U.S. based organic farming operations.