For more than two centuries, the Zonin family has stood among the most recognizable names in Italian wine, a group whose vineyards stretch from the Alps to Sicily and whose bottles reach shelves in some 140 countries.
Today, that same group — Zonin1821 — is navigating one of the most delicate chapters in its history, as financial strain pushes it toward a restructuring plan that could see several of its most storied estates change hands.
A Recovery Plan Built on Two Pillars
Zonin1821 has described its recovery strategy as resting on two main pillars. The first is a three-year overhaul of commercial strategy, sharpening focus on revenue and margins across both products and distribution channels. The second, more consequential shift is what the company has called a "rationalization" of part of its agricultural production base — a footprint that, across its Italian holdings, totals some 1,500 hectares.
That second pillar is where the real story lies. Behind the careful corporate language sits a much simpler proposition: some of Zonin's estates may be sold, either as a group or, if circumstances require it, individually.
Estates on the Table
The properties reportedly under discussion span some of Italy's most prestigious wine territories:
- Castello del Poggio (Piedmont) — a sparkling wine estate whose name also serves as Zonin's umbrella brand for Prosecco DOC in the United States, one of its most important export markets
- Principi di Butera (Sicily)
- Masseria Altemura (Puglia)
- Il Bosco (Oltrepò Pavese, Lombardy)
- Ca' Bolani (Friuli Venezia Giulia)
- Rocca di Montemassi (Tuscany)
- Castello di Albola, in the heart of Chianti Classico — widely regarded as the true crown jewel of the group, and reportedly valued at around €50 million on its own
Notably, Albola appears set to follow a separate track from the other estates, with a dedicated sales process rather than being bundled into a wider disposal. Zonin had already sold its Barboursville Vineyards property in Virginia earlier in the year, ahead of the formal opening of the crisis procedure.
The Negotiated Crisis Settlement
The estate sales are unfolding within the framework of Italy's Composizione Negoziata della Crisi (Negotiated Crisis Settlement, or CNC) — a voluntary mechanism introduced by the Italian government to help financially strained companies restructure through dialogue with creditors and suppliers, rather than sliding into insolvency. Zonin1821 filed for the procedure in the spring, shortly after appointing Maurizio Rossetti as its new CEO, succeeding Pietro Mattioni.
The backdrop is a group under real pressure: revenues fell by roughly ten percent year-on-year, weighed down by a difficult global environment marked by geopolitical uncertainty, climate volatility, and new tariff pressures — particularly painful given that the vast majority of Zonin's turnover is generated abroad.
In a statement, the company struck a note of measured confidence: "Zonin1821 is confidently proceeding with the Negotiated Crisis Resolution, also in light of ongoing discussions with potential investors and parties interested in acquiring the estates alone. The family, shareholders, and management confirm their full commitment to carefully evaluating all possible options and suitable paths to secure the company's future, as established and envisioned since the start of this process at the end of April. Any further updates will be communicated, where appropriate, in the most appropriate venues and timeframes."
Who's Interested?
Interest appears to be materializing. Reports point to a consortium of investors and financiers — reportedly including international players — with its exact composition undisclosed, that has expressed interest in acquiring several of the estates together, alongside some of the group's commercial brands with strong footholds abroad, especially in the US market.
Sources close to the company have indicated that, if a single buyer for the full package doesn't materialize, the estates could also be sold individually, with all offers evaluated on their own merits. That flexibility suggests Zonin1821 is prioritizing a resolution to its financial pressures over holding out for one comprehensive deal.
What It Would Mean
A piecemeal sale of Zonin's estates would mark a significant reshaping of the Italian wine landscape. Properties like Castello di Albola and Principi di Butera aren't just production sites — they're brands with decades of identity-building behind them, tied closely to their territories and to Zonin's broader narrative as a family-run house with roots dating back to 1821. Whether the group emerges from this process leaner but intact, or whether its portfolio ends up scattered among new owners, will likely become clearer as the negotiated crisis procedure moves toward its conclusion in the coming months.
For now, Zonin1821 and its family shareholders are keeping their options open — a stance that, in the middle of a restructuring this complex, may be the only realistic one to take.
Source: WineNews