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Diageo sells Cacique rum to La Martiniquaise

Captain Morgan owner Diageo has made its second rum disposal in recent months with the sale of Venezuelan brand Cacique to French spirits group La Martiniquaise-Bardinet.

Cacique rum
Cacique is the second Venezuelan rum brand to be sold by Diageo in the past six months

Founded in 1959, Cacique is described as a popular brand in Spain and Venezuela. The deal to sell Cacique comes just six months after Diageo offloaded Venezuelan rum brand Pampero to Italian drinks firm Gruppo Montenegro.

The purchase was made through the firm’s Spanish subsidiary, Bardinet, which is based in Barcelona.

John Kennedy, Diageo’s Europe president, said the latest disposal reflects the company’s “strategy of maintaining a sharp focus on effective portfolio management”.

He added: “We are confident that Bardinet is the right owner for Cacique, maintaining the brand’s authenticity and prominent position in Spain and Venezuela, as well as building its position in continental Europe.”

Jean-Paul Bouyat, CEO of Bardinet, called Cacique a “uniquely positioned Venezuelan rum with a strong heritage”.

He continued: “This is a strategic addition to our portfolio that will help us to increase our rum market share in Spain and beyond. We are looking forward to integrating this brand into our family, continuing to strengthen our offering, while always ensuring exceptional taste and quality.”

Financial terms of the agreement, which was signed and completed today (23 January), have not been disclosed.

La Martiniquaise-Bardinet’s portfolio includes Scotch whiskies Cutty Sark, Label 5 and Glen Moray, as well as agricole rum brand Saint James.

London-headquartered Diageo reported flat organic net sales for the year ending 30 June 2024, driven by a double-digit drop in the Latin American and Caribbean region. Rum sales for the full year declined by 6%, with Captain Morgan dropping by 5%.

In addition to Captain Morgan, Diageo’s rum portfolio includes Philippine brand Don Papa (which it acquired for €260 million (US$281.5m) in 2023) and Bundaberg Rum.

It also partly owns Guatemalan rum Ron Zacapa and Cuban brand Ron Santiago de Cuba, the latter of which it distributes internationally.

Fortitude Drinks recently secured the UK distribution rights for Pampero.

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