P101 sells stake in Tannico to Campari

Campari acquired a stake of 39% in the company from P101, Tannico CEO Marco Magnocavallo and startup accelerator Boox, while subscribing to a reserved capital increase to take an overall 49% of the business, with a total investment of €23.4m.

The transaction will be financed through available resources and will be paid in cash, the company said in a statement. The deal includes the possibility for Campari to increase its stake in Tannico up to 100%, starting from 2025.

in a statement, Campari CEO Bob Kunze-Concewitz said: "By leveraging Tannico's expertise, Campari intends to accelerate its development in the e-commerce segment, set to become even more strategic following the likely long-lasting change in consumer behaviour due to the Covid-19 emergency."

With Campari's support, Tannico expects to further consolidate its position in the Italian market and significantly expand its business internationally, and across the B2B channel.

P101 led a €3.8m funding round for Tannico in October 2016. The deal saw several business angels participating in the round, including Matteo de Brabant, founder of marketing service Jakala Group; Maurizio di Robilant, founder of the brand advisory firm Robilant Associati; and Stefano Saccardi, managing director at Campari. Following the transaction, the business was reportedly valued at €10m.

P101 invested in Tannico via Programma 101, which held a final close on €66.7m in 2016, exceeding its €50m target, and is now more than 70% deployed. The firm launched a second fund in May 2018, Programma 102, with a target of €120m; the vehicle invests in early- to late-stage Italian startups.

With the support of P101 and other investors, Tannico has progressively penetrated into the B2B segment and expanded its footprint to more than 20 markets, including France, Germany, the UK and the US. The company's sales recorded an average growth of 50% over the last three years.

Previous funding
Tannico raised a €500,000 seed round from Milanese accelerator Boox in April 2013. Subsequently, Club Digitale and P101 provided a €1m funding round in May 2015.

Company
Founded in 2013, Tannico is an e-commerce retail platform for wines and premium spirits. Its offering comprises 14,000 wines from 2,500 domestic and international wineries. The company also offers a wide selection of spirits.

Headquartered in Milan, Tannico targets the home delivery market, as well as restaurants and business events. Its platform counted more than seven million unique visitors in the last 12 months, according to the company.

Tannico generated revenues of €20.6m in 2019.

People
P101 – Andrea Di Camillo (managing director).
Campari Group – Bob Kunze-Concewitz (CEO).
Tannico – Marco Magnocavallo (co-founder, CEO).

Advisers
Vendor – Vitale & Co (corporate finance); Chiomenti Studio Legale (legal).
Acquirer – Pedersoli Studio Legale (legal); McDermott Will & Emery (legal).

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