Under the banner of a new management synergy, Montefalco’s iconic winery is expanding into international markets while preserving its family ties and the founder’s legacy.
The Arnaldo Caprai winery, famous for saving the Sagrantino grape variety from extinction in the 1970s, is opening a new chapter in its history. Angelini Wines & Estates has acquired a 65% stake in the company following an agreement signed in late March. However, this is no ordinary financial transaction: Marco Caprai, son of the founder, remains firmly at the helm as chairman and CEO, increasing his personal stake from 25.5% to 35%.
The goals: exports and fine dining
The partnership with Angelini, which already has historic brands such as Bertani in Valpolicella in its portfolio, aims above all to strengthen the brand’s presence abroad, thanks to a more solid commercial and managerial structure. In addition to developing new projects related to hospitality at the winery, the focus remains on wines of excellence.
“60% of Arnaldo Caprai.” His son Marco explains the decision just made, driven primarily by family dynamics. All the details in the article!
While the Belcompare (a 100% Merlot aged for two years in barriques) will become a central part of the lineup, the main challenge will revolve around the Sagrantino. The goal is to establish it as a benchmark for sommeliers around the world. Alberto Lusini, president and CEO of Angelini Wines & Estates, explained his vision in an interview with Ron Geraci for Wine Spectator: “The reason for Arnaldo Caprai’s success is that he managed to tame this Sagrantino beast, making it sumptuous, fresh, and pleasant to drink. If it becomes and remains a flagship product in restaurants, that will be exactly what we want to achieve.”
The generational transition and corporate restructuring
The sale of the shares stems from a typical generational transition dynamic within Italian family-owned businesses. Following the passing of founder Arnaldo Caprai at age 92, Marco’s brothers—who were distant from the world of wine—chose to sell their shares. Marco Caprai told Wine Spectator about the family’s decision: “My brothers didn’t have a great passion for this business and had long wanted to sell their shares. Especially in recent years, the company had become more of a partnership between my father and me. I’m convinced my father would have looked favorably upon this partnership.”
Angelini’s entry also resolved the complex partnership with the Orlean fund, owned by billionaire Gabriele Volpi, which had held a 49% stake since 2021 and from which Angelini acquired the shares. In this regard, Caprai told Wine Spectator: “The old partnership was a difficult arrangement, and this also led my brothers to believe we needed to exit it as soon as possible.”
A partnership that respects identity
Unlike Angelini’s previous acquisitions, this transaction stands out for the commitment to keeping the management and ties to the original family intact, an element considered vital to the brand’s very value. As Alberto Lusini told Wine Spectator: “This is not a standard merger and acquisition. This is the first [acquisition] in which we are keeping the current management, the current family, at the helm of the company. If you take the family and tradition away from a company like Caprai, you could wound the very soul of the company.”
With Caprai’s 370 acres of vineyards joining the Angelini portfolio, the agreement sends a strong signal to the entire Italian wine sector, especially during these challenging macroeconomic times. Marco Caprai, speaking to Wine Spectator, commented on this development with optimism: "This partnership is a breath of fresh air for Italian wine, because a major industrial group is investing in the wine sector at a time of crisis and concern. It is a powerful sign of optimism for the world of wine and for Umbria.”
