Buying a Winery in Italy from Abroad: A Guide for International Investors

Italy offers a winemaking heritage that is difficult to replicate: globally recognized denominations, prestigious terroirs, family-run businesses with long histories, productive vineyards, established brands, and already operational industrial facilities.

For international groups, family offices, private investors, and beverage operators, purchasing a winery in Italy can mean entering the European wine market directly, integrating existing production, or diversifying their assets.

However, buying a winery isn't simply about purchasing vineyards and real estate. It involves evaluating a business, its financial performance, permits, production capacity, commercial markets, and development prospects.

1. What type of investment should you choose?

Before starting a search, it is necessary to define the real objective of the acquisition.

The main opportunities concern:

• Operational production wineries: companies with existing facilities, staff, production, customers, and turnover.
• Wine estates: properties with vineyards, agricultural buildings, and any accommodation facilities.
• Wine brands: acquisitions geared towards commercial distribution and international positioning.
• Companies in need of relaunch: companies with attractive assets but with improved financial results.
• Industrial platforms: wineries with available production capacity, suitable for expansion and bottling projects.
• Corporate equity investments: entering the capital of an Italian company without necessarily acquiring full control.

The choice depends on the available capital, the time horizon and the desired level of operational involvement.

2. Where to invest in Italian wine?

Veneto and Friuli Venezia Giulia

Interesting areas for Prosecco DOC and DOCG, white wines, export-oriented production, and wineries with industrial facilities.

Tuscany

Opportunities related to prestigious denominations, real estate, hospitality, and wine tourism.

Lombardy and Oltrepò Pavese

Interest in Pinot Noir, sparkling wine bases, classic method and companies with potential for valorization.

Sicily and Etna

Investments characterized by territorial identity, native grape varieties, and opportunities for positioning in international markets.

A region's reputation alone doesn't guarantee the return on investment. It's important to determine how much value the company already delivers and how much it can develop.

3. How can a foreign investor purchase a winery?

Generally speaking, an international investor can evaluate various acquisition structures, in compliance with applicable regulations and the conditions relating to their nationality.

Mode	Characteristics
Acquisition of company shares	Total or partial purchase of the company owning or managing the winery
Purchase of a company or branch of a company	Transfer of the business and business elements defined in the contract
Purchase of properties and vineyards	Investment mainly in capital, distinct from the acquisition of the company
Joint venture	Agreement with an Italian operator to develop a shared project
Entry as an investing partner	Capital participation with governance agreements and defined objectives

For non-EU investors, reciprocity conditions, foreign investment rules, and any authorization or notification requirements must be verified, where applicable. The purchase of agricultural land also requires specific checks, including any pre-emptive rights.

The final structure must be agreed upon with competent legal, tax, and notary professionals.

4. Documents to be examined before an acquisition

An investor should have a sufficiently complete dossier before making significant financial commitments.

Key checks include:

1. Balance sheets and financial position: revenues, margins, debts, liquidity, and working capital requirements.
2. Property and real estate: titles, inspections, mortgages, urban planning and land registry compliance.
3. Vineyards: surface area, variety, age of vines, management licenses, and production potential.
4. Authorizations: production activities, environment, winemaking facilities and requirements.
5. Warehouse: bulk wines, bottles, actual value and marketing possibilities.
6. Customers and distribution: markets, contracts, turnover concentration and commercial continuity.
7. Trademarks and intellectual property: registration, ownership, and protection in relevant markets.
8. Personnel and contracts: employment relationships, suppliers and existing obligations.
9. Future investments: maintenance, modernization, and resources needed for development.
10. Legal and tax risks: litigation, potential liabilities, and compliance.

This activity, generally called due diligence, allows us to distinguish the asking price from the actual value of the business and the risks that the buyer would assume.

5. From research to signature: the phases of the operation

1. Investment profile definition

Budget, territories, type of winery, production capacity, commercial objectives and timeframes.

1. Reserved selection of opportunities

Identification of compatible companies and initial analysis of available data.

1. Non-Disclosure Agreement (NDA)

Protection of sensitive information and progressive access to documentation.

1. Preliminary analysis and visits

Valuation of assets, facilities, production and economic prospects.

1. Letter of Intent (LOI)

Definition of the main terms of the potential acquisition, the conditions and any exclusivity.

1. Due diligence and negotiation

Thorough checks, definition of price, guarantees, and transaction structure.

1. Final contract and closing

Signing, necessary formalities, payment and transfer according to the agreements.

The steps may vary depending on the complexity of the transaction. Furthermore, an LOI may contain binding provisions even when the acquisition remains subject to verification and conditions.

6. Why a local advisor is important

The main difficulty for a foreign investor is not only finding a winery available for sale.

It's understanding what you're actually buying.

One property may have significant real estate assets but modest profitability. Another may have limited vineyards but a strong brand, established commercial contracts, and a particularly attractive production capacity.

An advisor with direct experience in the wine sector can help the investor to:

• identify opportunities that are not publicly marketed;
• understand the economic and production characteristics of the company;
• compare the asking price with the sustainable value;
• coordinate lawyers, tax experts, technicians and industry experts;
• manage relationships with owners and management;
• accompany the negotiation until the completion of the operation.

The advisor's value lies not only in finding a winery, but in helping to achieve an acquisition consistent with the investor's objectives.

7. The role of FORBUS in international wine investments

FORBUS acts as a strategic partner for investors, industrial groups, family offices, and entrepreneurs interested in acquiring or developing Italian companies.

Through a multidisciplinary network of industrial, financial, commercial, and winemaking expertise, FORBUS supports investors throughout the acquisition process.

The work begins with the identification of objectives and continues through the selection of opportunities, preliminary assessment, negotiation, and coordination of the professionals involved.

The approach also focuses on the post-acquisition period: corporate organization, commercial development, brand positioning, international distribution, and asset enhancement.

For a foreign investor, this means being able to count on a partner who knows the Italian market, understands how wineries operate, and can connect financial expectations with production reality.

8. What information do I need to get started?

An international investor interested in receiving selected proposals should communicate at least:

• Indicative acquisition budget.
• Italian regions of interest.
• Preference for operating companies, vineyards, brands or development projects.
• Desired production size.
• Possible interest in majority or minority shareholdings.
• Expected investment timeframe.

This information allows you to start a targeted search, reducing irrelevant proposals and promoting qualified contacts.

Conclusion: investing in Italian wine requires vision and method

The Italian wine market offers a wide range of opportunities, from family-run wineries to industrial platforms, from prestigious vineyards to brands with international potential.

For a foreign investor, success does not depend solely on the quality of the wines or the beauty of the property.

It depends on the ability to choose the right company, understand its value, negotiate sustainable conditions and build a long-term industrial and commercial project.

FORBUS supports international investors in the search, evaluation, and acquisition of Italian wineries, with a confidential, concrete, and results-oriented approach.

FORBUS | INTERNATIONAL INVESTORS

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FORBUS helps international investors identify and evaluate Italian wineries, vineyards and wine businesses, coordinating the acquisition process with local specialists.

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