Italy’s wine industry accelerates a wave of takeovers

Italy’s wine industry is entering a period of restructuring as acquisitions accelerate, exports weaken and competition intensifies in key foreign markets. The changes are being driven by a mix of family succession, investor interest in premium labels and the pressure of tariffs and shifting demand abroad.

The latest harvest points to the scale of the sector. Italy’s 2025 vintage is estimated at 47.4 million hectoliters, ahead of France at 37.4 million and Spain at 29.4 million. But production leadership has not translated into revenue leadership. Italy still sells more wine than any other country, yet it earns less than France, which brings in more than €11 billion from exports with lower volumes.

The commercial picture in 2025 was difficult. Italian wine exports fell 3.7% to €7.8 billion, while volumes dropped to 21 million hectoliters. The United States was the main drag on performance. Sales there fell to €1.76 billion, down 9.2%, or €178 million, as tariffs on European wines took effect on April 3, 2025. The total value of duties applied to wine rose sharply, from $81.8 million to $492.2 million.

The tariff environment remains unsettled. Since Feb. 24, 2026, a 10% duty has been in place on all European imports into the United States, with that measure set to expire on July 24, 2026. President Trump has said he wants to restore the rate to 15%, though no formal executive order has been issued so far. Federvini, the Italian wine trade group, has warned that 2026 will be “the year of truth,” with the first six months expected to show the real impact of the new trade conditions.

Europe helped soften the blow. Exports to European markets rose slightly, by 0.7%, and sparkling wines posted strong growth between 2019 and 2025, up 72%. Eastern Europe also showed momentum, including Poland, the Czech Republic, Romania and Bulgaria, along with emerging destinations such as Brazil and Vietnam.

Against that backdrop, a wave of mergers and acquisitions has begun to redraw the map of Italian wine. The deals share a common logic: capital is moving toward high-reputation appellations, distinctive grape varieties and brands already positioned in the premium segment.

The most recent major transaction came on March 31, when Angelini Wines & Estates acquired a majority stake in Arnaldo Caprai. Angelini bought shares held by part of the founding family not active in the winery and by the Orlean fund. Marco Caprai, who helped turn Sagrantino di Montefalco from an almost forgotten grape into an internationally recognized denomination, increased his stake from 25.5% to 35% and remains chairman and chief executive.

Angelini Wines & Estates now includes six wineries, about 1,700 hectares in total and roughly 460 hectares under vine. It produces about 4 million bottles a year and reports revenue of €25 million. The wine division belongs to Angelini Industries, a group with €1.6 billion in revenue across pharmaceuticals, machinery, perfumes and wine.

In southern Italy, Campania saw two notable moves in 2025. Tenuta Ulisse, an Abruzzo winery whose majority owner is White Bridge Investments II, acquired Montevetrano, one of the region’s most recognizable labels. Founded by Silvia Imparato in the early 1990s and known for a blend of Cabernet Sauvignon, Merlot and Aglianico developed with Riccardo Cotarella, Montevetrano is now part of a broader strategy to build a multi-regional platform focused on central and southern Italian excellence. Tenuta Ulisse had already bought Cirelli in Abruzzo.

Also in Campania, Galardi joined Tenute Capaldo in 2023.

In Puglia, Tommasi Family Estates bought Tenuta Eméra in the province of Taranto and Cantina Moros in Salento, both focused on high-end Primitivo and Negroamaro wines. The group’s vineyard holdings now exceed 800 hectares. In the same region, Cantine PaoloLeo acquired Candido, a historic Salento producer, while the Liantonio family bought back control of Torrevento in Alta Murgia.

In Piedmont, Oniwines, the investment vehicle of the Veronesi family that also controls the Signorvino wine-bar chain, acquired Pico Maccario in Mombaruzzo in July 2025. The estate has more than 100 hectares and produces wines ranging from Barbera d’Asti DOCG and Nizza to Gavi, Moscato and Barolo. It was Oniwines’ third acquisition in a year after Villa Bucci in Marche and Podere Guardia Grande in Sardinia. In early 2026 it also entered ERT1050, a winery at an altitude of 1,050 meters.

On Pantelleria, Pasqua Vini bought a 75% stake in Serraglia, previously owned by actress Carole Bouquet and known for Zibibbo wines. Paolo Scudieri acquired Abraxas, another reference producer on the island. Veraison Group ended 2025 with three transactions: an investment in Cantine Alcesti in Sicily, a joint venture with Vallebelbo in Piedmont and management of the Conti Sertoli Salis brand in Valtellina. The group has already announced two more deals for early 2026.

Three forces are driving this consolidation.

The first is generational change. Many Italian family wineries are facing ownership transitions that naturally open the door to outside capital. The Caprai case is one example: Angelini’s entry resolved an internal family ownership issue while giving the winery access to distribution and financial resources needed to compete internationally at the premium level.

The second is portfolio strategy. Active groups are building complementary collections across regions, grape varieties and price tiers: structured reds, sparkling wines, iconic labels and territorial wines. Diversification is not an end in itself; it is a response to market volatility and overdependence on one country or one denomination.

The third is quality positioning. In mature Western markets per-capita consumption is falling, but consumers are still willing to spend more on higher-quality wines. Fine wine remains resilient and continues to attract investment. The global fine-wine market is estimated at about €30 billion and is expected to grow between 4% and 6% annually through 2030.

More deals may follow. There have been reports of interest in Schiopetto and Volpe Pasini in Friuli Venezia Giulia; Garofoli and Chiacchiarini-Sartarelli in Marche; and several family-owned wineries producing Barolo, Chianti Classico and Brunello di Montalcino in Tuscany and Piedmont have received offers from larger groups.

At Vinitaly this week in Verona, the industry is presenting itself as large but fragmented: €14 billion in direct revenue, more than 530,000 businesses and about 870,000 workers across the wider system. Yet only about 46,000 wineries bottle wine at a scale that gives them meaningful global reach.

The central issue is not volume but value. France earns more from exports with less wine sold abroad. Italy’s answer so far has been consolidation: buying brands with stronger identities, building premium portfolios and spreading risk across regions and markets as tariffs reshape trade flows abroad.