Barely two weeks after selling one unwanted spirits brand, Diageo has lined up another offload, this time of Venezuelan rum Pampero to Gruppo Montenegro.
Having lined up the transition earlier this month of Safari fruit liqueur to Casa Redondo in Portugal, the multinational group has agreed to sell Pampero to the Italy-based owner of a raft of domestically-sourced spirits brands. Pampero, according to its new owner, is the market leader for rum in Italy and “boasts strong positions in several continental markets”.
Financial details about the transaction were not disclosed.
“We are particularly pleased that this milestone has been achieved following the appointment of Gruppo Montenegro’s new CEO, Sergio Fava,” said board member Paul Douek. “The acquisition of Pampero marks a new pivotal phase for Gruppo Montenegro as we fortify our global expansion with our new leadership team.”
Pampero’s days with Diageo have appeared numbered since the start of last year, when the company spent just over US$280m – rising to around $470m, based on performance – on the Don Papa brand from the Philippines. Having sat in Diageo’s portfolio since 2009, Pampero, which carries an SRP of around EUR30 per unit, now makes way for the slightly more expensive Don Papa (EUR40), founded 12 years ago by former Rémy Cointreau global marketing director Stephen Carroll.
Attention will now turn to the gin-based liqueur Pimm’s, which along with Pampero and Safari was linked by Sky News in February to a divestment.
