21 Investimenti sells Farnese to NB Renaissance

Under the vendor's tenure, Farnese has doubled its headcount, invested in a new wine production facility in Puglia and modernised existing facilities in Abruzzo and Basilicata.

At the time of 21 Investimenti's original investment, the company stated it would increase its focus on international sales. Farnese, which now exports to 90 countries, will continue with this strategy under its new owners.

Banca IMI and BPM provided financing to support the deal.

Previous funding
21 Partners acquired a majority stake in Farnese in January 2013 with capital drawn from its second vehicle, which closed on €280m in 2007.

Company
Founded in 1994 and based in Ortona, Farnese Vini is an Italian winery focused on the production and retail of wines originating in central and southern Italy. The company is anticipating a turnover of €56m in 2016.

People
21 Investimenti - Alessandro Benetton (founder and managing partner).
Farnese - Valentino Sciotti (chairperson and CEO).

Advisers
Equity - Gatti Pavesi Bianchi (legal); EY (financial due diligence, tax); Long Term Partners (corporate finance).
Vendor - Rabobank (corporate finance); Labruna Molinari Segni (legal); PwC (financial due diligence); KStudio (tax).

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• Topics
• Exits
• Buyouts
• Southern Europe
• Consumer
• Italy
• 21 Investimenti
• NB Renaissance Partners
• Secondary buyout