Following the sale of its Casa Redondo brand earlier this month, Diageo has revealed that it is selling Pampero rum range to Gruppo Montenegro, an Italian company in the premium spirits and food sectors.
Pampero is the number one rum in Italy by volume and has a strong presence across other continental European markets.
John Kennedy, Diageo’s President for Europe, said: “The sale of Pampero demonstrates our disciplined and strategic approach to capital allocation. It will allow us to concentrate on our portfolio’s core areas of strength as we accelerate towards our ambition to be one of the best performing, most trusted and respected consumer products companies in the world.”
He added: “Looking forward, Pampero is well positioned for its next chapter of growth. We are confident that Gruppo Montenegro is the right owner to maintain and build on Pampero’s authenticity and its leading position in Italy and across continental Europe.”
Financial terms were not disclosed.
Back in February, it was reported that Diageo was working on plans to sell some non-core brands, including the popular summer drink Pimm’s. And earlier this month, analysts labelled the British drinks giant as a possible takeover target after its share price slid to the lowest level in four years.
