Italian Wine Brands: first on Stock Exchange
by Anna Rainoldi
On 29th January the first Italian company from the wine sector made its debut on the Stock Exchange. And making the debut in Piazza Affari was Italian Wine Brands, the new giant created from the merger between two large companies in the sector: Giordano Vini from Piedmont, which markets directly to the consumer via the internet and call centres, and Provinco Italia, based in the Trento area with production destined for mass retail abroad.
ON THE STOCK EXCHANGE – The wine company is on the market with a free float of about 77% of the capital made up of ordinary shares, for a value of 53 million euros, on AIM of the Italian Stock Exchange. The total capital amounts to almost 67 million euros, adding 13.7 million euros of redeemable shares, if they don’t reach the prefixed performance objectives.
PRODUCTION – Italian Wine Brands does not own any vineyards, but buys grapes and must to produce more than 40 million bottles each year (for a value of about 140 million euros). The catalogue includes 160 wines in the “popular premium” band, over a hundred of which are DOC and IGT. 65% is destined for export, mainly Germany (24%), Switzerland (11%) and Austria (9%).
NEW COMPANY MANAGEMENT – At the head of the new company will be Alessandro Mutinelli, ex-owner of Provinco, in the position of managing director for business relating to his company, and Simon Pietro Felice, managing director for Giordano business. Mario Resca, ex-president of McDonald’s Italia is the president elected by the partners, while Gino Lugli is the independent director (MD of Ferrero in Italy).