Drinks major Diageo acquires Brazillian cachaca brand Ypioca
LONDON - Drinks major Diageo is set to expand footprints in Latin America with the acquisition of Brazil's leading cachaca brand Ypioca in a 300 million pounds deal.
The acquisition will more than double the Brazilian business for Diageo, whose current cachaca, the so-called 'Brazilian rum' made from sugarcane, offering comprises only the small Nega Fulo brand.
Accounting for about 80 per cent of the volume of the Brazilian spirits industry, Cachaca when mixed with ice, sugar and lime makes the Brazilian cocktail Caipirinha which is very popular among the middle class.
Ypioca is the second biggest cachaca brand in Brazil by revenue and the third biggest by volume, with net sales of around 60 million pounds in 2011.
"This acquisition gives us the leading premium brand in the largest local spirits category. It will also provide Diageo with an enhanced platform from which to accelerate the long term growth of our premium international spirits brands in Brazil," said Chief executive Paul Walsh on Monday.
London-based Johnnie Walker scotch whisky-to-Smirnoff vodka and Guinness beer group Diageo already sells Venezuelan dark rums Cacique and Pampero, and distributes Mexico's leading tequila brand Jose Cuervo.
Ypioca is popular among Brazil's burgeoning middle class, which is expected to make up 57 per cent of the population by 2014, according to Diageo Latin America and Caribbean president Randy Millian.
It has an 8 per cent share across all cachaca brands nationwide, but is the leader in the premium category with 62 per cent market share.
Diageo reported 23 per cent net sales growth in Latin America in its half year results to December 2011, the greatest jump across all regions worldwide.
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