LONDON (Alliance News) - Stock Spirits Group PLC on Thursday said it acquired Distillerie Franciacorta SpA, an Italian producer of grappa, limoncello and sparkling wine.
The Eastern Europe-focus alcohol producer and distributor bought the Distillerie Franciacorta, which was found in 1901, for EUR23.5 million, plus EUR3.0 million for the acquisition of the land around it, in the Lombardy region of Italy.
The price will be divided in three tranches, EUR3.0 million on signing, EUR21.5 million on completion and up to EUR2.0 million of deferred consideration over a four-year period.
Chief Executive Officer Mirek Stachowicz said: "We are delighted to be acquiring Distillerie Franciacorta, which is a business with a fantastic heritage and outstanding brands. This is a truly compelling opportunity that we have been looking at for more than a year now, and we see clear and attractive synergies with our existing Italian operations."
Stock Spirits shares were trading up 2.0% at 225.50 pence each.
