Illva Saronno Holding SpA, known for the popular Italian liqueur Disaronno, said it purchased a majority stake in Sagamore Spirit and plans to move its North American headquarters to Baltimore Peninsula in South Baltimore, where Sagamore's distillery is located. The company's North American headquarters is currently in Somerset, New Jersey. Terms weren't disclosed.
"As we look to expand Sagamore Spirit to new markets, we believe that relocating our North American headquarters will allow us to maintain the strong Maryland-based connection and invest in the local community that has empowered this brand to thrive," said Robert Cullins, executive vice president of Disaronno International LLC, the Italian company's U.S. subsidiary, in a statement.
Sagamore Spirit was founded by Under Armour founder Kevin Plank and minority owner Bill McDermond in 2013. The brand iis part of Sagamore Ventures, Plank's private investment office.
“Growing Sagamore Spirit has been an incredibly rewarding experience with a team that has obsessed every detail across this holistically Maryland grain-to-glass whiskey business,” Plank said in a statement. “I want to thank Illva Saronno Holding for their team’s passion in understanding the specialness of our unique product and look forward to the outstanding horsepower they can add into its next chapter.”
The sale comes just months after Plank sold $100 million worth of Under Armour Inc. stock, saying he had to "close out a previous personal financing commitment."