Spirit Cruises January 2023 Leaderboard

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:
 
Best Bars for Outdoor Drinking in Philadelphia, 2024

Best Bars for Outdoor Drinking in Philadelphia, 2024

We've got your definitive list of where to drink outside in Philadelphia...read more ›

by Drink Philly Apr 9, 2024
Philadelphia Distilling Launching Secret Pop-Up Cocktail Garden for Earth Day, April 11-21

Philadelphia Distilling Launching Secret Pop-Up Cocktail Garden for Earth Day, April 11-21

Philadelphia Distilling is transforming their fourth floor space into a secret garden to celebrate Earth Day, ...read more ›

by Drink Philly Apr 9, 2024
The Drink Nation Presents: The Home Bar Project

The Drink Nation Presents: The Home Bar Project

Have you ever dreamed of having an amazing home bar, filled with bottles you actually use and the tools you need to execute a fine crafted cocktail? E...read more ›

by The Drink Nation Nov 14, 2014
SPONSORED
Spirit Cruises January 2023 Desktop Bottom Rectangle 1
Dizengoff: Inside Look at the New Reimagined Restaurant, Bar, & Cocktails

Dizengoff: Inside Look at the New Reimagined Restaurant, Bar, & Cocktails

Last year, Dizengoff and Abe Fisher decided to join forces and embark on an exciting new chapter. After closin...read more ›

by Drink Philly Mar 5, 2024
Behind the Bar: Tom Foy of Butcher Bar

Behind the Bar: Tom Foy of Butcher Bar

In this installment of Behind the Bar, we sit down with bartender Tom Foy of Butcher Bar...read more ›

by Drink Philly Feb 19, 2024
48 Record Bar: An Inside Look at an Audiophile's Listening Room & Cocktail Bar

48 Record Bar: An Inside Look at an Audiophile's Listening Room & Cocktail Bar

48 Record Bar is the newest addition to the growing Listening Room trend in Philadelphia...read more ›

by Drink Philly Feb 19, 2024
The Best Cocktail Bars in Philadelphia

The Best Cocktail Bars in Philadelphia

In a city with new bar openings every week, it can be hard to keep up with the everchanging Philly cocktail landscape. Don't worry, we've got you cove...read more ›

by Drink Philly Dec 14, 2023
Best Bars for Outdoor Drinking in Philadelphia, 2023

Best Bars for Outdoor Drinking in Philadelphia, 2023

We've got your definitive list of where to drink outside in Philadelphia...read more ›

by Drink Philly May 27, 2023
Pamper Yourself at These Spas with Bars in Philadelphia

Pamper Yourself at These Spas with Bars in Philadelphia

Whether you're going solo or heading out with friends, we've got just the place for your to relax and enjoy a good drink...read more ›

by Jessie Donofrio Apr 5, 2023
The Best Mocktails, Zero Proof, & Non-Alcoholic Drinks in Philadelphia

The Best Mocktails, Zero Proof, & Non-Alcoholic Drinks in Philadelphia

Not drinking alcohol tonight? These bars and restaurants have you covered with inventive, thoughtful, and down...read more ›

by Michelle Cassidy Jan 11, 2023
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