Global investment company Platinum Equity has completed its previously announced acquisition of wine distributor Farnese Group from NB Renaissance Partners.

Financial details of the deal have not been disclosed by the companies.

Based in Italy, Farnese is engaged in marketing and distribution of wines from southern and central Italy.

By sourcing grapes from local farmers, the company oversees production and markets wines under speciality labels to its overseas customers.

Platinum Equity noted that it will continue to pursue its investment while taking necessary precautions during global pandemic coronavirus (Covid-19).

Platinum Equity chairman and CEO Tom Gores said: “We are intensely focused on the health of our people, our firm and our portfolio companies during this global pandemic. We are taking the steps needed to keep our team safe while ensuring the continuity of our business.”

“We also continue pursuing new investment opportunities. We have access to capital and a lot of experience investing in dislocated markets. We are adjusting our models and adapting every day, but our M&A teams are still hard at work.”

The deal was first announced in December last year.

The investment is expected to help Farnese navigate the current crisis and emerge well prepared when conditions stabilise.

Platinum Equity partner Louis Samson said: “Farnese has an innovative business model that has proven resilient during challenging times and delivered impressive growth over the past two decades.

“The company has strong leadership under CEO Valentino Sciotti and a well-deserved reputation for producing award-winning wines. Farnese is an outstanding platform in a highly fragmented industry, and we intend to further grow the business organically and through prospective acquisitions.”