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LOUISVILLE, Ky.--(BUSINESS WIRE)--Oct 6, 2022--
Brown-Forman Corporation (NYSE:BFA, BFB) announced today it has reached an agreement to purchase the Diplomático Rum brand and related assets from Destillers United Group S.L. (Spain). Upon completion of the transaction, Brown-Forman will add the Diplomático Rum family of brands to its portfolio and acquire a production facility located in Panama.
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Diplomático Rum (Photo: Business Wire)
The Diplomático Rum family of brands is the No. 1 super- and ultra-premium rum and the No. 2 super-premium+ rum worldwide (IWSR, 2021). Super-premium+ rum has grown at an annual rate of 17% over the past five years, with rum accounting for approximately 8% of global spirits.
“Diplomático Rum will join our expanding portfolio, giving Brown-Forman a market leading entry into the fast-growing super-premium rum category. This aged rum brand has distinctive packaging, strong brand positioning, and is a delicious tasting spirit,” said Lawson Whiting, President and CEO, Brown-Forman Corporation. “As part of this acquisition, we will welcome more than 100 new employees to Brown-Forman.”
“We are proud to have pioneered and been instrumental in developing the super-premium+ rum category around the world. Diplomático Rum is ready to accelerate its growth with Brown-Forman, one of the world’s most well-known spirits and wines companies,” stated Destillers United Group S.L., current owner of the Diplomático Rum brand. “We share a similar familial culture and know the brand will continue building on our legacy. We look forward to working together to bring Diplomático Rum to consumers around the world.”
Diplomático Rum is sold in more than 100 countries. Top markets include France, Germany, and the United States.
Diplomático Rum consists of three ranges of complex rums. The Traditional Range includes Planas, Mantuano, Reserva Exclusiva, and Selección de Familia. The Prestige Range includes Single Vintage and Diplomático Ambassador, both aged 12 years and finished in Spanish sherry casks. The Distillery Collection includes a range of three limited production bottlings that showcase the distillery's unique distillation methods.
The transaction, which is subject to customary closing conditions, is expected to close within 90 days.
Photo:Diplomático Rum
About Diplomático Rum:
Diplomático is a super-premium rum from Venezuela. In 2018, Diplomático was awarded Wine Enthusiast's prestigious "Spirit Brand of the Year," the first-ever rum to win in this category. The Diplomático Rum distillery is located at the foot of the Andes Mountains and is family-owned. Diplomático Rum's distillery combines traditional methods with modern technology to produce the finest of rums. The production area boasts great conditions for sugar cane and rum production including fertile lands, abundant water, and a Caribbean climate.
www.ronDiplomático.com, @Diplomático rum
About Brown-Forman:
For more than 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel's Tennessee Whiskey, Jack Daniel's Tennessee RTDs, Jack Daniel's Tennessee Honey, Jack Daniel's Tennessee Fire, Jack Daniel's Tennessee Apple, Gentleman Jack, Jack Daniel's Single Barrel, Woodford Reserve, Old Forester, Coopers’ Craft, The GlenDronach, Benriach, Glenglassaugh, Slane, Herradura, el Jimador, New Mix, Korbel, Sonoma-Cutrer, Finlandia, Chambord, and Fords Gin. Brown-Forman’s brands are supported by approximately 5,200 employees globally and sold in more than 170 countries worldwide. For more information about the company, please visit brown-forman.com. Follow us on Twitter, Instagram, and LinkedIn.
About Destillers United Group S.L.:
For more than 20 years, Destillers United Group (DUG) has produced Diplomático Rum with passion using their expertise in combining modern and traditional distillation methods to produce exceptional rums for demanding palates. DUG's identity is forged through a commitment to quality, making rums and other beverage alcohol brands, including Canaima Gin, CocuySoroche, Cinco Estrellas, Rumba Ron; as well other rum liquors, whiskies, whiskies liquors, Brandy, Vodkas, Vodka Liquors, Anis, Wellington Gin, Bitters, Mixers, and Aperitives. DUG brands are supported by approximately 600 employees globally and are sold in more than 100 countries worldwide.
Important Information on Forward-Looking Statements:
In these notes, “we,” “us,” “our,” and the “Company” refer to Brown-Forman Corporation and its consolidated subsidiaries, collectively. This report contains statements, estimates, and projections that are “forward-looking statements” as defined under U.S. federal securities laws. Words such as “aim,” “anticipate,” “aspire,” “believe,” “can,” “continue,” “could,” “envision,” “estimate,” “expect,” “expectation,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “pursue,” “see,” “seek,” “should,” “will,” “would,” and similar words indicate forward-looking statements, which speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections.
These risks and uncertainties include, but are not limited to:
For further information on these and other risks, please see the risks and uncertainties described in Part I, Item 1A. Risk Factors of our fiscal 2022 Form 10-K and those described from time to time in our future reports filed with the Securities and Exchange Commission (SEC).
View source version on businesswire.com:https://www.businesswire.com/news/home/20221006005524/en/
CONTACT: Brown-Forman: Elizabeth Conway,elizabeth_conway@b-f.com
Diplomático Rum:diplomático@komunikalatam.com
Diplomático Rum:amunoz@kreab.com
KEYWORD: UNITED STATES NORTH AMERICA KENTUCKY
INDUSTRY KEYWORD: RETAIL RESTAURANT/BAR WINE & SPIRITS
SOURCE: Brown-Forman Corporation
Copyright Business Wire 2022.
PUB: 10/06/2022 07:45 AM/DISC: 10/06/2022 07:46 AM
http://www.businesswire.com/news/home/20221006005524/en