Spirits giant Diageo has agreed to sell fruit-flavoured liqueur brand Safari to Portuguese beverage-alcohol company Casa Redondo.
The transaction aligns with Diageo’s strategy to focus on effective portfolio management, the company added.
John Kennedy, president of Europe at Diageo, commented, “The sale of Safari reflects Diageo’s commitment to delivering consistent growth and value creation for shareholders.
“This transaction will allow us to further concentrate on our core areas of strength, including tequila and whisky, as we accelerate towards our ambition; to be one of the best performing, most trusted and respected consumer products companies in the world.”
Safari is predominantly sold in the Benelux, Portugal and Türkiye.
Read More: Diageo Could Be A Takeover Target, Says Analyst
'The Right Owner'
According to Diageo, Casa Redondo is 'the right owner' to take Safari into its next chapter of growth across Europe and beyond considering its consumer base.
Daniel and Ricardo Redondo, chief executive and chief financial officer of Casa Redondo, stated, “This transaction underscores our commitment to expanding our portfolio with premium offerings that resonate with consumers globally.
“We look forward to integrating this brand into our family, continuing to innovate for our customers, whilst ensuring exceptional quality.”
Casa Redondo, founded in 1940 by José Carranca Redondo, is the owner of Licor Beirão, one of the popular spirits brands in Portugal.
The company also manages Aperitivo Per Se, Amarguinha, and FoxTale Gin, and has recently expanded its portfolio with the acquisition of Aldeia Velha brandy.
Elsewhere, Diageo has commenced the construction of a new carbon-neutral brewery in Kildare, Ireland.
