Diageo Sells Sheridan’s Liqueur Brand to Portugal’s Casa Redondo Amid Ongoing Portfolio Reshuffle

Diageo has announced the sale of its coffee-cream liqueur brand Sheridan’s to Casa Redondo, a Portugal-based beverage group. The deal, made public on September 8, marks the second time in just over a year that Casa Redondo has acquired a brand from Diageo. In July of last year, Casa Redondo purchased Safari, Diageo’s fruit-flavored liqueur. The financial details of the Sheridan’s transaction have not been disclosed.

Sheridan’s is distributed in more than 50 countries and is especially prominent across Europe. Diageo described the move as part of its ongoing strategy to manage its portfolio more effectively and maximize shareholder value. Dayalan Nayager, president of Diageo’s European business and chief commercial officer, said in a statement that the sale reflects the company’s focus on its core strengths and its ambition to become one of the most trusted and respected consumer products companies globally.

Casa Redondo’s CEO, Daniel Redondo, called Sheridan’s a unique brand with strong consumer recognition. He said that adding Sheridan’s to their portfolio is a significant step for Casa Redondo, strengthening its international presence and supporting its goal to build a more global business.

The sale of Sheridan’s follows other recent disposals by Diageo. Over the past 14 months, the company has also sold rum brands Cacique and Pampero. In May, then-chief financial officer Nik Jhangiani indicated that Diageo could make substantial changes to its product portfolio through asset disposals. This was part of a broader plan to save around $500 million in costs over three years—a target that was increased last month to $625 million.

Jhangiani, who became interim CEO after Debra Crew left the company in July, said these efforts are not only about cutting costs but also about driving growth and prioritizing investments. In the fiscal year ending June, Diageo reported net sales of $20.25 billion, down 0.1% from the previous year but up 1.7% on an organic basis. Reported operating profit fell by 27.8% to $4.34 billion due to impairment charges, restructuring costs, and unfavorable exchange rates. Net profit dropped 39.1% to $2.54 billion.

Three weeks ago, Diageo sold two Australian ready-to-drink brands to Vok Beverages, an Australian drinks group. In July, Bloomberg reported that Diageo had hired Bank of America and Goldman Sachs to review its East African Breweries business, though all parties declined to comment at the time.

Last week, Diageo announced plans to close a Crown Royal whisky bottling facility in Canada next year, which led to public criticism from Ontario premier Doug Ford.

The sale of Sheridan’s is another sign that Diageo is actively reshaping its portfolio as it seeks to focus on core brands and improve financial performance amid challenging market conditions.