The Venezuelan rum brand is the number one rum in Italy by volume, according to Diageo, and has a “strong presence across other continental European markets”, the company added.
John Kennedy, Diageo’s president, Europe said: “The sale of Pampero demonstrates our disciplined and strategic approach to capital allocation. 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 position in Italy and across continental Europe.”
Gruppo Montenegro’s portfolio includes Italian spirits brands such as Amaro Montenegro, Select Aperitivo, Vecchia Romagna Brandy and Rosso Antico Vermouth.
Paul Douek, Gruppo Montenegro's executive board member, added: “We are pleased that this milestone has been achieved following the appointment of Gruppo Montenegro’s new chief executive, 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 has been agreed once the deal is complete to enable a smooth takeover.
