Diageo has offloaded another spirits brand, selling Cacique rum to La Martiniquaise-Bardinet.

The financial terms of the deal, struck through La Martiniquaise-Bardinet's Spanish arm Bardinet S.A., were not disclosed.

Cacique is a Venezuelan rum brand, established in 1959 and popular among consumers in its domestic market and in Spain, according to Diageo, which has owned the brand since 2003.

The spirit is sold in 700ml bottles at a 37.5% abv.

John Kennedy, the president of Diageo's business in Europe, said the deal was evidence of "Diageo’s strategy of maintaining a sharp focus on effective portfolio management”.

"We are confident that Bardinet is the right owner for Cacique, maintaining the brand’s authenticity and prominent position in Spain and Venezuela, as well as building its position in Continental Europe.”

Jean-Paul Bouyat, the CEO of Bardinet S.A. said Cacique was "a uniquely positioned Venezuelan rum with a strong heritage".

He added: "This is a strategic addition to our portfolio which will help us to increase our rum market share in Spain and beyond. We are looking forward to integrating this brand into our family, continuing to strengthen our offering, whilst always ensuring exceptional taste and quality.”

Bardinet S.A.'s portfolio includes Bericho bitter and vermouths, Bonet liqueur, and Dillon white rum.

In early July, Diageo sold its Safari liqueur to Portuguese spirits group Casa Redondo, for an unknown sum.

Later that same month, the Guinness owner also announced the sale of Pampero rum to Italian food spirits giant Gruppo Montenegro, as it looked to focus on the “core areas of strength” in its portfolio.