The joint venture, Crouton Spirits, is to develop the rum. Rum is one of the fastest growing sectors in the spirits industry, Constellation noted.

"We are ecstatic to partner with megastar Kenny Chesney to create a unique premium rum for a generation of consumers who are embracing the cocktail culture," Marty Birkel, president of Constellation Spirits, said in a statement. "The attributes and positioning of this rum will capture Kenny's free-spirited personality and lifestyle that his millions of fans have come to expect, know and love."

Under the terms of the agreement, Constellation Spirits and Chesney will work together on every aspect of the development, marketing and advertising elements, as well as product positioning of the rum.

"As an entertainer, my goal is to create an enjoyable experience for people," Chesney added. "I'm going to take that same approach in developing a high-quality rum product with Constellation. We're looking to create a fun-in-the-sun, vacation-in-a-bottle type experience that people everywhere can enjoy when they kick back and relax."