India, Sept. 15 -- Diageo, a global leader in international spirits, has agreed the sale of Sheridan's to Casa Redondo, a Portuguese beverage-alcohol company.
Sheridan's is a long-established, two-part coffee-cream liqueur. It is a global brand available in over 50 countries and is widely distributed across Europe.
Dayalan Nayager, Diageo's President for Europe and Chief Commercial Officer, said: "The sale of Sheridan's is another example of our sharp focus on effective portfolio management and maximising shareholder value. It follows previous European transactions including the sales of Pampero, Cacique and Safari as we continue to focus on our core areas of strength to accelerate towards our ambition; to create one of the best performing, most trusted and respected consumer products companies in the world."
Daniel Redondo, chief executive officer of Casa Redondo, said, "Sheridan's is a unique brand with strong consumer recognition and an enduring identity. Bringing it into our portfolio represents a pivotal moment for Casa Redondo. This acquisition strengthens our international presence and reflects our ambition to build an increasingly global business."
Ricardo Redondo, chief financial officer of Casa Redondo, added, "This step consolidates our position as a competitive global player. It also underlines our long-term commitment to sustainable growth and to building stronger partnerships across international markets."
A Transitional Services Agreement has been agreed to enable a smooth transition and continuity of the business post completion.
Published by HT Digital Content Services with permission from FoodTechBiz.