George Clooney and his friends have a reason now to smile after their founded tequila brand of Casamigos has been sold to Diageo for U.S. $1 billion. Spirits giant Diageo is a U.K. based alcoholic beverage company, whose brands include, Smirnoff, Guinness and Johnie Walker. According to Business Insider, Casamigos started in 2013 and stemmed from a series of favorable events. The tequila venture began more than 30 years ago when Clooney and his friends Rande Gerber and Mike Meldman created an impressive mix of tequila that is currently distributed to 20 different countries including U.K.
and Spain.
‘Casamigos’ intended for their personal taste
It took george clooney and his friends Rande Gerber and Mike Meldman 30 years before they found the right tequila mix.
The company began after Clooney and Gerber acquired vacation homes in Mexico. According to Gerber, they had no intention of selling the tequila when they created it, they just want a tequila that would suit their personal tastes. "We wanted a tequila that we didn't have to mix — a drink that typically we drank either straight or on the rocks, that we could drink all day and all night long and not be hungover in the next day," Gerber said to Business Insider
Just to find the right taste, the three began visiting distillers to create the tequila that became Casamigos.
After countless tries, the three were able to come up with a tequila that was perfect for their tastes. After the distiller in Jalisco, Mexic told them that they needed to get a license to continue making 1,000 bottles each year, they reluctantly created the company.
World’s largest spirit maker seeks to boost its presence in a high-growth market
Diageo Plc (DGE.L) has agreed to buy “Casamigos,” a high-end tequila in a deal valuing $1 billion. In an interview with Business Insider, Diageo said that they will pay George Clooney and his friends $700 million initially, with the potential addition of $300 million if it hits the target sales.
Diageo seeks to maximize growth in the market through this newly bought brand of tequila. To maximize the future growth of the company, Diageo says it will build on the significant international potential of the tequila brand.
According to Diageo, Geoge Clooney and his friends will continue to promote the tequila brand they created. The recent transaction makes Mr. Clooney one of the most successful celebrity investors today. The deal between the two parties is expected to close in the second half of this year.
