Diageo, a global leader in premium drinks, announces it has agreed the sale of Pampero rum to Gruppo Montenegro, a leading Italian company in the premium spirits and food sectors with a portfolio that includes iconic Italian spirits brands such as Amaro Montenegro, Select Aperitivo, Vecchia Romagna Brandy and Rosso Antico Vermouth.

Pampero is an authentic heritage brand and is the first Venezuelan rum aged for more than two years and has a rich 85-year history. It is the number one rum in Italy by volume and has a strong presence across other continental European markets.

John Kennedy, Diageo’s president, 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.”

Kennedy 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.”

Paul Douek, Gruppo Montenegro's executive board member, commented, “We are delighted to announce the acquisition of Pampero, a rum that will significantly enhance our growth trajectory both within Italy and on the international stage. Pampero's exceptional heritage and unique qualities will greatly enrich our spirits portfolio. We are particularly pleased that this milestone has been achieved following the appointment of Gruppo Montenegro’s new CEO, Sergio Fava. The acquisition of Pampero marks a new pivotal phase for Gruppo Montenegro as we fortify our global expansion with our new leadership team.”

A fixed term Transition Services Agreement (‘TSA’) has been agreed, post completion, to enable a smooth transition and continuity of the local business.