Diageo’s European subsidiary and Cuban rum producer Corporación Cuba Ron have created a new joint venture (JV) company called Ron Santiago.

The new JV will have exclusive global distribution rights of premium Cuban heritage rum brand Santiago de Cuba outside of the US.

Diageo GB, Ireland and France managing Director Dayalan Nayager said: “The joint venture with Corporación Cuba Ron is in keeping with our strategy to invest behind growth opportunities in premium and above brands.

“Consumers are looking for new and authentic experiences. Working with Corporación Cuba Ron provides a great opportunity to expand our portfolio in segments of the rum category whose growth is being driven by premiumisation globally and in Europe.”

As a result of the new partnership, Diageo will add Santiago de Cuba rum to its European portfolio of Reserve luxury spirits.

In addition to Santiago de Cuba, the company’s portfolio includes Carta Blanca, Anejo, an 11-year-old and a 12-year old expression.

Corporación Cuba Ron president Juan Gonzalez Escalona said: “We are proud to announce the creation of this joint venture, which will bring the award-winning Santiago de Cuba to consumers around the world.

“More than just a rum, Santiago de Cuba was born in the city where the history and tradition of Cuban light rum originated.”

Earlier this month, Diageo acquired a significant stake in distilled non-alcoholic spirits brand Seedlip.

Financial details of the acquisition are yet to be divulged by either company.

In 2015, Seedlip was introduced by its founder Ben Bransonin to solve the dilemma of ‘what to drink when you’re not drinking’.