Diageo buys Philippine rum brand Don Papa for initial €260 million; details here

Don Papa’s sale had attracted a lot of bids. Founded in 2012 by former Rémy Cointreau executive Stephen Carroll, the brand was developed around the character of Papa Isio, a former sugar plantation worker who was a leader in the Philippines’ revolution against Spain in the 1890s UK-based distiller Diageo has inked a deal to buy high-end Philippine rum brand Don Papa. He added that the move is in line with Diageo’s strategy to “acquire high-growth brands with attractive margins that support premiumisation, and enables us to participate in the fast-growing super-premium-plus segment.” Don Papa’s acquisition had attracted a lot of bids. Founded in 2012 by former Rémy Cointreau executive Stephen Carroll, the Don Papa brand was developed around the character of Papa Isio, a former sugar plantation worker who was a leader in the Philippines’ revolution against Spain in the 1890s. “We believe this acquisition is a great opportunity to take Don Papa into the next exciting chapter of its development.” The deal is the latest in the line of global drinks groups acquiring high-end rum brands, including Brown-Forman’s buying Venezuelan brand Diplomático last year.