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:
 
Behind the Bar: Liana Oster of Dante

Behind the Bar: Liana Oster of Dante

For this exciting installment of Behind the Bar, we had the incredible opportunity to sit down with Liana Oster, the head bartender at Dante in New Yo...read more ›

by The Drink Nation Jan 7, 2020
Pabst Blue Ribbon Launches Blue Ribbon Whiskey in Select US Markets

Pabst Blue Ribbon Launches Blue Ribbon Whiskey in Select US Markets

PBR has launched their own whiskey. Let's keep an open mind and see what is inside this bottle....read more ›

by Carrie Dow Sep 24, 2019
The Master Sommelier Scandal is Now the Subject of a New Investigative Series

The Master Sommelier Scandal is Now the Subject of a New Investigative Series

There's a new investigative series about one of the biggest scandals to ever hit the wine world....read more ›

by The Drink Nation Sep 13, 2019
SPONSORED
Drink Nation Store Rectangle
Try These Summer Cocktails This Season in D.C.

Try These Summer Cocktails This Season in D.C.

It's officially summertime in the city, and we can't think of a better way to cool off from DC's heat and humidity than with a cold, boozy cocktail in...read more ›

by Lanna Nguyen Jul 31, 2019
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
D.C.'s Best Wine Bars

D.C.'s Best Wine Bars

Whether you're a wino or a wine novice, DC is home to a number of wine bars perfect for casual sipping or for expanding your palate. ...read more ›

by Lanna Nguyen May 29, 2019
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 D.C. During Summer 2019

Where to Drink Outside in D.C. During Summer 2019

Patio weather has arrived! Grab your friends, stake a spot at the bar and take advantage of these outdoor spots for drinking and dining. ...read more ›

by Lanna Nguyen May 14, 2019
SPONSORED
Drink Nation Home Bar Project Bottom Rectangle 2
View all Articles

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

Close