M&A Activity • Nov 12, 2025
M&A Activity
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The Spanish company, owner of Licor 43, Ramón Bilbao, Mar de Frades, Martin Miller's Gin, Lolea and Villa Massa, among other premium wine and spirits brands, already producer of Martin Miller's Gin, strengthens its partnership with the group led by Edelberto Baracco, entrusting it with the distribution of Licor 43 and Villa Massa.
Turin, November 2025 – Compagnia dei Caraibi – a leading company in the import, development, brand building, and distribution of premium and super-premium spirits, wines, and soft drinks from around the world, as well as Italian craft beers – announces the exclusive distribution agreement in Italy for Zamora Company's brands Licor 43 and Villa Massa, effective January 2026.
Already well-established in the Italian market, Licor 43 and Villa Massa will now join the Compagnia dei Caraibi portfolio under a multi-year agreement. The group, led by Edelberto Baracco, will be responsible for expanding the brands' market penetration across distribution channels, with a particular focus on strengthening Licor 43 in the mixology and Ho.Re.Ca. channel.
The appointment of Compagnia dei Caraibi as exclusive distributor of Licor 43 and Villa Massa represents a strong vote of confidence from Zamora Company – which had already entrusted the company with the distribution of Martin Miller's Gin in 2023. This renewed collaboration acknowledges Compagnia dei Caraibi as an ideal partner thanks to its solid presence in the Italian market and recognized industry expertise. The trust has been well rewarded: Martin Miller's has recorded growth of over 30% in Italy between 2024 and 2025, standing out in an otherwise challenging economic and consumption context for the spirits sector.
"We are thrilled to strengthen our partnership with Zamora Company," said Fabio Torretta, General Manager of Compagnia dei Caraibi. "We share the same philosophy, vision, and market approach. Following the success of Martin Miller's Gin, which since 2023 has become a benchmark of growth within our portfolio, the addition of Villa Massa and Licor 43 marks another step forward in building a

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strong and long-term partnership. Thanks to our omnichannel B2B model – with our new digital platform Oroboro.it as a key innovation driver – and our expertise in brand building and market development, we are confident we can make a decisive contribution to the growth and consolidation of these two iconic brands. Zamora Company's decision to redefine its Italian market strategy and entrust Compagnia dei Caraibi with the exclusive distribution of its brands is a major recognition of the strength of our model and the trust we have earned over time. We embrace this responsibility with great enthusiasm."
Villa Massa and Licor 43 are true icons of the international liqueur world and symbols of Mediterranean excellence. Villa Massa, the historic limoncello produced in Sorrento, established in 1991 was the first limoncello to be globally distributed and is currently the leading premium limoncello brand in Spain and The Netherlands. Villa Massa embodies authentic Italian craftsmanship and tradition. Renowned worldwide for its exclusive use of Sorrento PGI lemons, it stands as one of the most recognized expressions of Italian excellence in the spirits industry. Licor 43 is Spain's iconic premium liqueur made from 43 secret ingredients, born in 1946, when it began its journey around the world to become what it is today: an international, versatile brand with a unique spirit. It is the world's best-selling Spanish liqueur, present in over 80 markets, with Brazil, Mexico and Germany as its largest markets.
"We are proud to reinforce our long-standing partnership with Compagnia dei Caraibi through this new strategic agreement," said Alicia Jiménez, Área Director for Southern Europe at Zamora Company. "Italy is a key market for Zamora Company within our European growth strategy, and we are confident that this alliance will further strengthen the positioning and long-term value of our brands, including Villa Massa, Licor 43, and Martin Miller's Gin.
Compagnia dei Caraibi's unique market approach, deep expertise in premium spirits, and strong commitment to brand building make them the ideal partner to continue developing our portfolio in

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Italy. Together, we aim to accelerate growth and bring our shared vision to life, building meaningful, sustainable brands that inspire consumers and trade alike.
We would also like to emphasize our appreciation to Velier SPA for their collaboration over the past years and great contribution to the development of our brands in the Italian market."
The addition of these two brands further strengthens Compagnia dei Caraibi's premium and superpremium positioning in the spirits industry, confirming the group's dynamism and constant commitment to developing a portfolio driven by excellence and storytelling. Villa Massa and Licor 43 will also be available on Oroboro.it, the company's new digital B2B sales platform designed to support its national sales force, providing flexibility and rapid response to market needs.

Compagnia dei Caraibi S.p.A. Benefit Company (ticker: TIME, ISIN: IT0005453235) founded in Vidracco (TO) in 2008, is a leading company in the import, development, brand building and distribution of premium and super-premium spirits, wines and soft drinks from all over the world, as well as Italian craft beers. Listed on the stock exchange since July 2021, the Company is one of the most dynamic on the market with an overall catalog of over 1,200 references imported and distributed exclusively in Italy. The Company currently operates in 51 countries with direct presence in Italy, Spain and the United States. The Company has expanded its business model with Dispensa, a project aimed directly at the end consumer with an omnichannel online and offline concept. Increasingly, the B2B distribution model is focusing on the national and international consolidation of proprietary brands: vermouth, liqueurs, and beer. Since July 2021 Compagnia dei Caraibi has been a Società Benefit. There are four areas of permanent commitment to responsible business (ESG): environment, culture, people and gender equality. In September 2023, Compagnia dei Caraibi obtained the B Corp® certification, becoming part of the international community of companies leading a global movement to promote an inclusive, equitable and regenerative economic paradigm. The Group operates along three complementary business lines: commercial, with Compagnia dei Caraibi and We R-Eticsoul; productive, with Refined Brands; and marketing and communication, with ThinkingHat.
Zamora Company is a 100% family-owned Spanish company that produces and markets high-value-added spirits and wines, focusing on customer satisfaction and the creation and development of premium brands. Operating in more than 80 countries, Zamora Company has an experienced international team of over 580 people and an extensive portfolio of premium brands, with production plants in Spain, Italy and the USA, and an annual turnover of 260 million euros (2024). With almost 80 years of history, the Spanish company originated with Licor 43 and today owns internationally renowned brands such as Licor 43, Ramón Bilbao, Limoncello Villa Massa, Martin Miller's Gin, Lolea, Mar de Frades, Zoco, Cruz de Alba, Thunder Bitch, El Afilador, Yellow Rose, Tequila Volteo and Berezko. Additionally, the company distributes other brands that complement its family portfolio, including Tequila Buen Amigo, Ron Abuelo, Champagne Pommery, Tito's Vodka and Tequila Don Ramón among others. The company is committed to sustainable development through its Conscious Company Plan, which defines its commitment to the planet, employees, consumers and society through three fundamental axes: good governance, transparency and conscious leadership.

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Manuela Pirozzi +39 347 9290609 [email protected]
Fabrizio Brambilla +39 338 1067459 [email protected]
Alessandra Calza +39 349 4356103 [email protected]

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