Illva Saronno Holding spa, an Italian multinational corporation specializing in the production of spirits and best known for its Disaronno liqueur, has acquired a majority stake in Sagamore Spirit, a Baltimore-based U.S. company active in the same industry (with a specific focus on whiskey) owned by Sagamore Ventures, Kevin Plank‘s private investment firm that also owns the Under Armour brand. Illva Saronno simultaneously also acquired the Sagamore Spirit distillery and announced that it will move its North American headquarters, Disaronno International, from New Jersey precisely to Baltimore (see press release here).
The agreement comes with the aim of securing growth for both companies, particularly strengthening Illva Saronno Holding’s presence in the United States, which will have the opportunity to expand its whiskey portfolio by adding Sagamore Spirits RYE Americano whiskey to the The Busker Irish Whiskey brand it already owns.
Advisors on the transaction were JP Morgan (financial advisor) and Reed Smith LLP (legal advisor) for Sagamore Spirit, while Paul Hastings along with Bonelli Erede/BELEX (legal advisors) and KPMG (due diligence) joined Illva Saronno.
Founded by Kevin Plank in 2013 with Bill McDermond (minority shareholder), Sagamore Spirit has won more than 200 awards internationally, including World’s Best Rye Whiskey in 2019 at the San Francisco World Spirits Competition. Born with the goal of creating the world’s best rye whiskey, the group has strong local partnerships established throughout Maryland, including grain and water sourcing, state-of-the-art distilling and aging processes. The Signature Rye Whiskey, Cask Strength Rye Whiskey and Double Oak Rye Whiskey brands, which are distributed globally, are part of the group. Plank said: “The growth of Sagamore Spirit has been an incredibly rewarding experience, thanks to a team that has taken care of every detail of this holistic grain-to-glass whiskey business in Maryland. I want to thank Illva Saronno Holding for the passion with which its team understood the uniqueness of our unique product. I am also very excited that Illva Saronno Holding has chosen to relocate its North American headquarters to Baltimore. As an example of entrepreneurial potential, the Baltimore Peninsula represents a unique opportunity in the generation to be a key partner in creating a brighter future for one of America’s best cities”.
Aldino Marzorati, outgoing ceo of Illva Saronno Holding, added: “We are excited to announce this acquisition, which supports our strategy to acquire brands with high growth potential and, in this case, to also expand our offering in the premium American whisky segment. We have always presided over the U.S. market, and this transaction allows us to strengthen our portfolio with a company and products in which we fully believe. In addition, the transaction demonstrates our desire, in line with our strategy, to continue our growth as a global leader in the spirits industry. With Sagamore Spirits we have the opportunity to enter the attractive American whiskey category and take advantage of its growth potential in about 160 countries where we are already present with Disaronno”.
Effective October 1 , Marco Ferrari will take over as ceo from Marzorati, who has been the first ceo from outside the historic Reina-Poretti family that owns Illva Saronno. Ferrari has a very long international experience in the spirits industry, having worked first in Italy (since 1996) at Bacardi, then in the United Kingdom and finally in global roles. He moved to Fratelli Branca in 2008, then landed at Stoli Group in Luxembourg, ending up at Gruppo Montenegro, where he held the position of managing director from 2014 to 2023.
Illva Saronno is, as mentioned, a leader in the world of spirits and, thanks to Disaronno, the most widely drunk Italian liqueur in the world and distributed in more than 160 countries and with five centuries of history behind it and other prestigious products such as Tia Maria, Rabarbaro Zucca, Rump@blic, Artic Vodka, Isolabella Sambuca and Aurum. The group also produces and markets quality wines such as Duca di Salaparuta, Corvo and Florio. Also part of the group are Disaronno Ingredients, a company with a presence in Italy and around the world in the field of semi-finished products for ice cream, pastry preparations, bakery and ice cream products, and the Royal Oak distillery active in the production and marketing of the above mentioned The Busker, Irish Whiskey.
Illva Saronno closed its 2022 financial statement with strong growth numbers: consolidated net revenues at 321.9 million euro (up from 271.5 million in 2022), ebitda of 71.1 million and net income of 38.8 million (up from 30.9 million), against net cash of 81.9 million (up from 83.7 million) and shareholders’ equity of 843.9 million (up from 820.7 million) (see Leanus report here after registering for free).
