Masi: a shareholder agreement among the Boscaini brothers to “guarantee the family stay at the helm”

A “shareholder” agreement has been drawn up among the brothers Sandro, Bruno and Mario Boscaini. Therefore, each brother is now owner of 24.5% of Masi Agricola, one of the leading Italian wine brands. The agreement is “concerning 73.5% of the capital aimed at ensuring continuity of strategic lines and in the management of the Masi Group ”, which envisions, for three years, consultation and voting commitments for the appointment of the administrative body, and pre-emption and co-sale rights in the event of transfer of the syndicated shareholdings. Masi Agricola, listed on the stock exchange in the “Euronext Growth Milan” index (also Renzo Rosso, owner of Diesel, who owns 7.5 of the shares with his Red Circle Investments), communicated the news precisely on the same day that the ENPAIA Foundation - National Insurance and Assistance Body for Agricultural Workers and Employees acquired 4% share in the capital, as WineNews had previously reported. In other words, it was a way to reiterate that the ownership of the company will remain firmly in the hands of the Boscaini family.
“The partners”, reads a note, “acknowledge that they will share the current strategic guidelines of the Masi Group in order to pursue corporate value growth, particularly regarding the premium segment, the territorial positioning in the Venezie area, enhancement of family heritage, as well as the integrated, but flexible value chain. The Boscaini brothers have also agreed on: sustainable development of the Masi Group through organic growth of the more traditional business; continuous search for opportunities to strengthen the growth of external lines, taking into account the necessity to identify target companies compatible with the Masi Group guidelines and its centuries-old corporate culture; continuous expansion of the strategic macro-project, Masi Wine Experience, aimed at creating a more direct and profound contact with the final consumer”. “The news of acquiring our capital shares, and the communication of the agreement (which, of course, could not have occurred in just a few hours), are obviously two different things that inevitably crossed each other in time”, Sandro Boscaini commented to WineNews. “The agreement instead, is a path that we had already undertaken as a way to celebrate our family’s 250 years of activity in the wine world. Our entrepreneurial history began in the Eighteenth century, when our family bought prestigious vineyards in the small valley called “Vaio dei Masi”. We were not aware of the operation on the market, although we had known for some time that ENPAIA was interested. Nonetheless, we did not expect the Foundation to buy a significant share in the market. However, we see it as a very positive fact, endorsed by declarations of sharing our long-term approach, centered on our values, which ​​ are enhancing quality, Made in Italy and our deep bond with Valpolicella, Verona, Triveneto and the Veneto Region. ENPAIA’s investment, which is part of a widespread shareholding structure, is comprised of a thousand travel companions”, Sandro Boscaini continued, “and is a sign of trust that brings us additional solidity to face a post-pandemic future, which is challenging, but full of opportunities as well. The explication of the shareholders' agreement is simply the affirmation of the family’s common will to keep their hands firmly on the helm, and to prevent the family patrimony, which is also a historical patrimony, from being lost”.