Diageo has sold fruit-flavoured liqueur brand Safari to Portuguese beverage group Casa Redondo.
The main markets for the Safari brand are Portugal, Türkiye and the Benelux. Safari liqueurs, made under contract by Spain’s Gonzalez Byass, are sold in 750ml bottles at an abv of 20%.
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“The sale of Safari reflects Diageo’s commitment to delivering consistent growth and value creation for shareholders,” John Kennedy, the president of Diageo’s operations in Europe, said.
“This transaction will allow us to further concentrate on our core areas of strength, including Tequila and whisk(e)y, as we accelerate towards our ambition; to be one of the best performing, most trusted and respected consumer products companies in the world.”
Casa Redondo is a family-owned beverage company founded in 1940. The company’s flagship brand is the Portuguese liqueur, Licor Beirão. It also sells aperitif brand Per Se, the almond liqueur Amarguinha, Aldeia Velha brandy and FoxTale gin.
Casa Redondo CEO Daniel Redondo said: “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.”
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By GlobalDataIn February, it was reported Diageo was looking for buyers for Safari, its UK liqueur brand Pimm’s and Pampero rum.
Last month, the company sold its shareholding in publicly-listed Guinness Nigeria to Singapore-based consumer group Tolaram.
Diageo reported its half-year financial results in January, posting net sales of $10.96bn, down 1.4% on a reported basis and 0.6% organically.
Analyst consensus expectations were for net sales to be flat year on year on an organic basis. Operating profit dropped 11% to $3.32bn. Organically, operating profit before exceptional items fell 5.4% to $3.51bn. The consensus forecast among City analysts was for a 4.7% decline.
The group is expected to report its full-year results at the end of the month.
