George Clooney's Tequila Company Casamigos Sells to Diageo for $1 Billion

by Alexander Frane on Jun 27, 2017 in Culture

Artist and philanthropist George Clooney can safely retire from Hollywood now — Casamigos, the tequila company he owns with friends Rande Gerber and Michael Meldman, is being sold to Diageo, the world’s largest spirits based liquor company, for a modest one-billion dollar price tag, CNBC reports.

The tequila line was founded more or less “on accident,” Clooney told CNBC last November. He and Gerber had been drinking tequila in Mexico, and decided they wanted to develop their own bottle, just for themselves and their friends. Working with distillers they chose a flavor profile they enjoyed and began shipping bottles of it to the UK to drink and share. Eventually they were bringing in more than 1,000 bottles a year, and the distillery informed them they needed to go legitimate if they wanted to keep bringing in bottles. Meldman, a real estate tycoon, joined the team then to help with distribution, and Casamigos was officially born.

Now, the trio are selling the label to Diageo to the tune of $1 billion. In a press release sent out Wednesday, June 21, Gerber wrote, “We created Casamigos Tequila 4 years ago for us to drink personally and selling it for 1 billion dollars is something we never could have imagined. We remain committed to our brand and look forward to our future with Diageo and continuing our work with our dedicated and passionate Casamigos team.”

The sale looks to be beneficial to Diageo, whose Chief Executive Ivan Menezes said in a press release, “We are delighted to announce this transaction today to extend our participation in the tequila category. It supports our strategy to focus on the high growth super-premium and above segments of the category.” Tequila remains one of the fastest growing categories of spirits on the market, and investing in a high-profile, well regarded label like Casamigos is likely to pay off in the long run.

The sale continues the trend of craft spirits being absorbed  by larger liquor companies, like the sale of Del Maguey Mezcal to Pernod in early June. It just goes to show: all you need is either 27 years of hard work and dedication to an art form, or a few years with a brand you made on a whim so you could drink tequila with your friends, and you could sell your company at a healthy price.

Photo via Flickr user csztova 

Recent Articles
spacer

Feedback

How are we doing? Tell us what you like or don't like and how we can improve. We would love to hear your thoughts!

*Name:
*E-mail:
*Suggestions:
 
Using Peas to Make Gin Might Lead to More Environmentally Friendly Spirits, Studies Show

Using Peas to Make Gin Might Lead to More Environmentally Friendly Spirits, Studies Show

Scientists may have discovered a more environmentally friendly way to make one of the world's most popular spi...read more ›

by The Drink Nation Jul 23, 2019
Drink a Classic Cocktail for a Good Cause During Negroni Week, June 24-30

Drink a Classic Cocktail for a Good Cause During Negroni Week, June 24-30

Negroni Week 2019 is June 24-30, so drink this classic cocktail for a good cause....read more ›

by The Drink Nation Jun 19, 2019
What to Do if Your Uber, Lyft, or Cab Driver Ever Strays From Your Destination or Makes You Feel in Danger

What to Do if Your Uber, Lyft, or Cab Driver Ever Strays From Your Destination or Makes You Feel in Danger

If you're taking an Uber, Lyft, or cab and feel unsafe, there are steps you can take to protect yourself....read more ›

by Nina Starner Jun 19, 2019
SPONSORED
Drink Nation Store Rectangle
Behind the Bar: Kat Corbo of The Study & Winner of Speed Rack 2019

Behind the Bar: Kat Corbo of The Study & Winner of Speed Rack 2019

This time on Behind the Bar, we spoke to Kat Corbo of The Study, who recently won Speed Rack 2019....read more ›

by The Drink Nation May 15, 2019
Where to Drink Outside in Baltimore During Summer 2019

Where to Drink Outside in Baltimore During Summer 2019

Whether it's on the waterfront with seafood and crushes or on a dog-friendly deck with whiskey, outdoor drinking is a staple in this city....read more ›

by Jennifer Waldera May 14, 2019
Boston Beer & Dogfish Head Have Merged in a $300 Million Deal

Boston Beer & Dogfish Head Have Merged in a $300 Million Deal

In a huge move for the American craft beer community, Boston Beer and Dogfish Head have agreed to a merger valued at $300 million dollars. ...read more ›

by The Drink Nation May 10, 2019
Welcome Warmer Weather & Sip These Spring Cocktails in Baltimore

Welcome Warmer Weather & Sip These Spring Cocktails in Baltimore

With snow and winter winds behind us, it’s time to step into spring. Is there any better way to put a spring in your step than with some seasonal si...read more ›

by Jennifer Waldera Apr 17, 2019
A New, High-End Blend of Jack Daniel's Whiskey is Now Available in the United States

A New, High-End Blend of Jack Daniel's Whiskey is Now Available in the United States

A new, high-end blend of Jack Daniel's whiskey, known as Jack Daniel's No. 27 Gold, which was previously only ...read more ›

by The Drink Nation Apr 15, 2019
Coopers' Craft Bourbon Is Now Available in 12 States With a New Barrel Reserve Expression

Coopers' Craft Bourbon Is Now Available in 12 States With a New Barrel Reserve Expression

Coopers' Craft Kentucky Straight Bourbon has debuted an entirely new label design, has expanded to more states...read more ›

by The Drink Nation Apr 3, 2019
Neighborhood Bar Crawl: Brewer's Hill

Neighborhood Bar Crawl: Brewer's Hill

Is there a better name for a place to bar hop in Baltimore than Brewer's Hill? Here's our guide to their best bars. ...read more ›

by Jennifer Waldera Apr 2, 2019
SPONSORED
View all Articles

Sign up to get weekly drinking news, bar reviews, events and more sent directly to your inbox!

Close