ILLVA SARONNO HOLDING S.P.A. ANNOUNCES MAJORITY STAKE PURCHASE OF SAGAMORE SPIRIT

ILLVA SARONNO HOLDING S.P.A. ANNOUNCES MAJORITY STAKE PURCHASE OF SAGAMORE SPIRIT (USA)

The acquired business includes all the Sagamore Spirits Rye Whiskey products and distillery facilities in Baltimore USA

Illva Saronno Holding S.p.A., an Italian Multinational Company with a strong strategic diversification of business and products – most recognizably Disaronno, the world’s favorite Italian liqueur -, on 15th September announced a majority stake purchase of shares of Baltimore based Sagamore Spirit Rye Whiskey brand and distillery. The deal supports the long-term growth of both companies and strengthens Illva Saronno Holding’s presence in the United States. The acquisition also creates the opportunity for Illva Saronno Holding S.p.A. to expand their whiskey portfolio beyond The Busker Irish Whiskey into American rye whiskey.

Aldino Marzorati, CEO of Illva Saronno Holding S.p.A.

“We are thrilled to announce this transaction, which supports our portfolio strategy to acquire high growth, attractive margin brands, and in this case, broaden our offering into the premium American whiskey segment,” said Aldino Marzorati, CEO of Illva Saronno Holding S.p.A. “We have always held the US market and this operation allows us to strengthen our portfolio with a company and products that we fully believe in. Moreover, the transaction demonstrates our commitment, in line with our strategy, of continuing growth as global leader in the Spirits Industry and with Sagamore Spirits we have the opportunity to enter the attractive bourbon whiskey category and exploit its growth potential around 160 countries where we already have a presence with Disaronno”

With the objective to expand Sagamore Spirit to new markets Illva Saronno Holding S.p.A. also relocate North American Headquarters to Baltimore Peninsula.

Marzorati continued, “I want to thank Reina’s family and our team for their support during this months and also all the Partners involved on this acquisition for their capabilities and expertise in understanding our needs: Bonelli Erede / BELEX (Milan) our Legal Advisor with their correspondent Paul Hastings in Usa and KPMG for financial due diligence services.”

Sagamore Spirit is a brand within Sagamore Ventures, the privately-held investment company that serves as the family office of Under Armour Executive Chairman and Brand Chief Kevin Plank. Founded by Plank in 2013 with Bill McDermond as minority owner, Sagamore Spirit’s American rye whiskies have earned more than 200 awards internationally, including World’s Best Rye Whiskey in 2019 at the San Francisco World Spirits Competition. Purpose-forged with a mission to craft the world’s best Rye Whiskey, Baltimore-based Sagamore Spirit prides itself on in-state partnerships, including local grain and water sourcing, state-of-the-art distilling, and aging – all in Maryland.

J.P. Morgan is serving as financial advisor and Reed Smith LLP is serving as legal counsel to Sagamore Spirit.

Kevin Plank owner of Sagamore Ventures.