Diageo’s acquisition to help Don Papa Rum reach more markets - BusinessWorld Online

Diageo, which owns brands such as Johnnie Walker and Smirnoff, on Tuesday announced it was acquiring Don Papa Rum, a homegrown dark rum brand, for an initial €260 million . Depending on the brand’s performance, Diageo will pay up to €177.5 million through to 2028, which may bring the total deal value to €437 million .

Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message that Diageo’s acquisition of Don Papa Rum bodes well for the company and the brand. “Diageo has a strong track record in nurturing founder-led brands. They believe in our unique story and have genuinely embraced our brand idea. We believe this acquisition is a great opportunity to take Don Papa into the next exciting chapter of its development,” Mr. Carroll said in a statement.

Diageo said that Don Papa Rum, which registered a compound annual growth rate of 29% from 2016-2021, has outperformed the CAGRs of super premium rum segments in Europe and US at 18% and 27%, respectively.

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