During this period, Bacardi operated as five separate companies -- Mexico (Bacardi y Compañía S.A. de C.V.), Puerto Rico (Bacardi Corporation), United States (Bacardi Imports, Inc.), Bahamas (Bacardi & Company Limited), and Bermuda (Bacardi International Limited). In 1992 under the leadership of Emilio's great-great grandson, Manuel Jorge Cutillas, the Company was consolidated and reorganized under a new holding company, Bacardi Limited, with its headquarters in Hamilton, Bermuda. Pursuant to a grant of authority from the Cuban company dating back to 1958, Bacardi International Limited remained responsible for the commercial development of the portfolio of brands. With the consolidation, it also became the principal investor in the dramatic expansion of Bacardi's portfolio of brands.

Immediately after consolidation, the Company embarked on one of the boldest moves in its history, when it acquired the Martini & Rossi group of companies from Italy's Rossi di Montelera family. Instantly the Company doubled in size and gained a powerful organization in Europe. The acquisition transformed the Company from a "rum company" into a "spirits company" when in addition to MARTINI (MARTINI & ROSSI) vermouth, brands such as WILLIAM LAWSON'S Scotch whisky, BÉNÉDICTINE liqueur, ERISTOFF vodka and NOILLY PRAT vermouth joined the Company's portfolio.

Shortly thereafter, the Company launched BACARDI LIMÓN, one of the most successful new spirit launches of all time, and in 1998 acquired DEWAR'S Blended Scotch whisky and BOMBAY SAPPHIRE gin brands. These purchases propelled Bacardi Limited to the position of the largest private spirits company in the world.