21 Investimenti, an investment firm founded and led by Alessandro Benetton, is to sell a majority stake in Farnese Vini to NB Renaissance Partners, the private equity fund formed in 2015 by Neuberger Berman and Intesa SanPaolo.
Farnese Vini is a group active in the production, bottling and sale of Central/Southern Italian wine.
During 21 Investimenti’s three-and-a-half-year investment, the company has launched production of wine from Puglia, invested more than EUR10 million in production capacity in two modern plants in Abruzzo and Basilicata, doubled the number of employees and increased turnover from EUR32 million in 2012 to EUR56 million expected in 2016, becoming the leading wine company in Central-Southern Italy.
These results were achieved by leveraging the local territory through long-term relationships with small, local, grape producers, in line with the social commitment that has always been part of 21 Investimenti’s DNA.
Farnese Vini, based in Abruzzo and founded in 1994 by Valentino Sciotti and Filippo Baccalaro, carried out an organisational and managerial transition that allowed the business to exploit its potential with double digit growth and sales in over 90 countries worldwide.
The new controlling shareholder, NB Renaissance Partners, alongside the founders Sciotti and Baccalaro, plan to continue with the current strategy and foresee further development in foreign markets, also by leveraging the growing global demand for Italian wine.
Rabobank acted as financial adviser, Labruna Molinari Segni acted as legal adviser, PWC acted as accounting adviser and KStudio acted as tax adviser to 21 Investimenti.
Valentino Sciotti, chairman and CEO of Farnese, says: "After three years of great results obtained also thanks to the support of 21 Investimenti, the ambitions of the group and founding shareholders are still unchanged and have led to the research of a new partner with a high international profile that could support Farnese Vini, currently the leader in Southern Italy and one of the national major players, to achieve new and significant goals.
“Our commitment as founding shareholders is confirmed and represents the best guarantee for the future development of the group which would like to assume a pivotal role for the growth of the wine sector in Central and Southern Italy."
Benetton (pictured) says: “I am proud of the results achieved by the Farnese Group in recent years alongside 21 Investimenti as they demonstrate how with the right ideas, creativity, passion and skills it is possible to create companies that are leaders in their industry and that are able to combine growth, social commitment and development of the local community. We have been able to establish a clear discontinuity in the history of the Farnese Group, leading it into a new growing season. In NB Renaissance Partners we have found the ideal partner to continue on this growth path.”
Stefano Bontempelli and Fabio Canè, senior partners of NB Renaissance Partners, say: “As a result of the continuous commitment of Valentino Sciotti, Filippo Baccalaro and the rest of the Management team and the support of 21 Investimenti, Farnese today represents a success story of the Made in Italy brand and excellence at international level, with first class products excelling in all major competitions. We are impressed by the results achieved by the company and we are honoured and excited that the Management team and 21 Investimenti have chosen us as the partner for the future of the company. Our goal is to continue the growth path, leveraging the global platform of Neuberger Berman, starting from the US, the appeal of Italian wine worldwide and the outstanding management of the company.”
Banca IMI and BPM acted as financial adviser and financing banks, Gatti Pavesi Bianchi acted as legal adviser, EY acted as accounting & tax adviser and Long Term Partners acted as business adviser to NB Renaissance Partners.
