George Clooney’s Tequila Casamigos Sold to Diageo for $1 Billion
George Clooney’s own brand of Tequila, Casamigos, has just been purchased by spirits giant Diageo in a deal that values the company at $1 Billion, $700 million to be paid upfront and the rest as the brand hits sales targets over a decade.
“If you asked us four years ago if we had a billion-dollar company, I don’t think we would have said yes”, said Clooney, as he confirmed the deal yesterday 21st of June. The company was founded four years ago by the actor along with Cindy Crawford’s husband and businessman Rande Gerber and property developer Mike Meldman.
Clooney has stated that he’ll continue to work closely with the super-premium tequila brand, which during his short life has enjoy non-stopping success and which last year recorded sales of 120,000 9-litre cases. The name “Casamigos” is a portmanteau of the spanish words for “house” (casa) and “friends” (amigos), which can translate as “house of friends.”
The product was developed by the high-profile trio along with a master distiller in the Mexican region of Jalisco, from which authentic tequila must come from.
Diageo hopes to expand the brand and bring it to new markets, as it’s currently mostly sold in the US.
More information: casamigostequila.com