George Clooney sells Casamigos for around US$1bnBy Elliot Bullman
The tequila company co-founded byGeorge Clooneyhas been sold to UK drinks firm Diageo for around $1bn.
Casamigos, the fastest growing premium tequila brand in the US which was founded by George Clooney with Rande Gerber and Mike Meldman, has been bought by Smirnoff and Johnnie Walker owner Diageo for around US $1bn.
The company behind Smirnoff, Johnnie Walker and Baileys announced it would buy Casamigos, created four years ago by the American actor, together with Cindy Crawford’s husband Rande Gerber and property developer Mike Meldman.Diageo said that Casamigos is the fastest-growing super-premium tequila brand in the US.
The world’s biggest spirits maker will pay $700m now and a further $300m based on performance over the next decade.
The founders will continue to promote Casamigos, which is Spanish for “house of friends”. The firm sold 120,000 9-litre cases last year, mainly in the US, and is expected to reach more than 170,000 this year. The tequila comes in three premium varieties, priced at $45-55 a bottle.
“If you asked us four years ago if we had a $1bn company, I don’t think we would have said yes,” Clooney said in a statement. “This reflects Diageo’s belief in our company and our belief in Diageo. But we’re not going anywhere. We’ll still be very much a part of Casamigos.
The trio – who own neighbouring homes in Los Cabos in Mexico –spent over five years tasting and developing the tequilawith a master distiller in the Jalisco highlands of Mexico, according to Clooney.
Diageo’s chief executive, Ivan Menezes, said the company planned to take Casamigos beyond the US and Caribbean to Europe and other markets “to capitalise on the significant international potential of the brand”.
Casamigos will sit alongside Don Julio tequila in Diageo’s vast drinks portfolio.Diageo also owns the DeLéon and Peligroso tequila brands.
The emergence of premium tequilas has helped the drink shake off its traditional image as a party beverage for young drinkers. Global tequila sales rose by 5.2% last year, compared with just 0.3% growth for the spirits industry as a whole, according to data tracker IWSR.
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