MILAN, Italy --Kum & Go LC parent company Krause Holdings Inc. is expanding its business interests with the purchase of 100% of the share capital of Enrico Serafino winery in Italy from Gruppo Campari, Milan, for $6.9 million.
The business consists of the Enrico Serafino trademark as well as vineyards, vinification and production plants, inventory and real-estate assets.
Enrico Serafino is a historical 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.
West Des Moines, Iowa-based Krause Holdings is a diversified holding company owned by Kyle J. Krause. Operating companies include, Kum & Go convenience stores, Solar Transport, the Des Moines Menace soccer team and a portfolio of real estate. Krause and his wife, Sharon Krause, also own U.S. based organic farming operations.
The companies said they expect the closing date of the transaction to be on June 30, 2015.
Effective from closing, Gruppo Campari and Krause Holdings 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 the export markets.
Kyle J. Krause, CEO of Krause Holdings and president and CEO of Kum & Go, said, “Enrico Serafino wines represent an excellent opportunity for us to become part of the rich and long history of a winery that was founded by Enrico Serafino in 1878. We intend to build on the heritage of the brand and focus on producing world-class quality wines. I am passionate about Italian wines, especially those from Piedmont, and this acquisition provides a platform in line with my intent to invest in and farm additional vineyards in the region.”
Bob Kunze-Concewitz, CEO of Gruppo Campari, said, “The transaction underlines the Gruppo Campari strategy of strengthening its focus on its core high-margin spirits business also via the disposal of non-core assets. Since the beginning of 2015 Gruppo Campari successfully completed the sale of the Limoncetta di Sorrento brand in Italy, for a consideration of … $7.9 million … as well as the Federated Pharmaceutical Division in Jamaica for a consideration of … $14.0 million.”
A recent deal for Krause to buy a 22-acre vineyard in Barolo, Italy, fell through, reported The Wine Spectator.
Kum & Go has more than 430 stores and 11 states (Iowa, Arkansas, Colorado, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oklahoma, South Dakota and Wyoming).
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