Did you know George Clooney has a tequila brand? Well, he had a tequila brand. It recently sold to global alcohol beverage leader and parent of Guinness, Diageo. The tequila brand Casamigos sold for a whopping $700 million upfront, and a potential $300 million based on reaching future sales targets.
The tequila company founded in 2013 by Hollywood actor George Clooney, nightlife entrepreneur Rande Gerber, and property developer Mike Meldman originally began for private selection.
Clooney and Gerber both have vacation homes in Mexico, and were inspired to make a premium tequila that suited their own tastes. As their website reads,
"Our idea was to make the best-tasting, smoothest tequila whose taste didn't have to be covered up with salt or lime. So we did."
What they didn't plan on, however, was being forced to get a license to produce their own bottles. Working with a distiller in Jaslico, Mexico, Casamigos began to bottle their smooth spirit.
In time, the brand meaning "House of Friends" would become the fastest-growing super-premium tequila on the market. NPR reports that the company sold 120,000 cases in 2016, and is expected to reach up to 170,000 cases this year. Not bad for a product that began with no intention of sales.
While there are many tequilas on the market, Casamigos has seen exponential growth based on a quality product. The 100% Blue Weber agave tequila achieves it superior quality by hand selection of agave and traditional distilling methods.
The agave piñas are slow roasted in a brick oven for 72 hours and go through a 80 hour fermentation process. The result is a smooth tequila that doesn't need a mixer to mask the flavor. Offered as Blanco, Reposado, and Añejo, the price range for a 750-milliliter bottle runs between $45-$55.
For Diago, this is another label to add to their list of major heavy hitting brands like Don Julio and Guinness. Although the deal is expected to close by the end of the year, the award winning tequila brand will still be lead by the original founders.