Portugal’s Casa Redondo has paid a return visit to Diageo’s non-core portfolio, agreeing to buy the Sheridan’s cream liqueur brand from the London-headquartered group.
Fourteen months on from acquiring the Safari fruit liqueur mark for an undisclosed sum, privately-owned Redondo has secured Diageo’s agreement to purchase what the current owner describes as a “long-established, two-part coffee-cream liqueur”. Once again, the cost of the transaction has not been announced.
Sheridan’s, which according to Diageo is available in “over” 50 markets and is “widely distributed across Europe”, joins not only Safari but also aperiitf brand Picon, sold to Campari Group in mid-2022, and Archers Schnapps, now part of De Kuyper Royal Distillers’ portfolio, in transitioning out of Diageo’s brand stable.
Rum marks Cacique and Pampero were also jettisoned, in part as a result of the purchase of Don Papa at the start of 2023.
“The sale of Sheridan’s is another example of our sharp focus on effective portfolio management and maximising shareholder value,” said Diageo’s CCO and president for Europe, Dayalan Nayager.
Redondo CEO & family member Daniel added: “Sheridan’s is a unique brand with strong consumer recognition and an enduring identity. Bringing it into our portfolio represents a pivotal moment for Casa Redondo.
“This acquisition strengthens our international presence and reflects our ambition to build an increasingly global business.”
While a date for completion of the sale was not stated, the pair added that a ‘transitional services agreement” is in place, to “enable a smooth transition”.
