Clooney sells tequila f irm for a billion dollars (not that he needs the money!)
He built a hugely successful career on being effortlessly smooth and stylish.
So when it came to building a tequila brand he clearly saw no reason to change a winning formula.
Now George Clooney is set to take home a share of $1billion (£790million) after agreeing to sell his awardwinning Casamigos.
It was announced yesterday that British drinks giant Diageo had snapped up the brand, which the Hollywood actor established only four years ago with friends Rande Gerber – the husband of supermodel Cindy Crawford – and real estate developer Mike Meldman.
‘If you asked us four years ago if we had a billion-dollar company, I don’t think we would have said yes,’ Clooney said yesterday.
‘But we’re not going anywhere. We’ll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two.’
Although whether wife Amal, 39, agrees with his plans for the evening is another matter, having given birth to twins ella and Alexander in London earlier this month. The idea for
‘Started from a friendship’
Casamigos, which means house of friends, came when Clooney, 56, and Gerber, 55, were building side-byside holiday homes in Caba San Lucas, Mexico.
The pair, who have known each other for more than 20 years, were both partial to a shot and came up with the idea of making their own brand so found a distiller who could make a drink to their tastes.
Gerber said: ‘George and I designed it so that you wouldn’t have to cover up the taste with the lime and the salt.’
After a couple of years in which it was shared with friends the distiller told them they could no longer get away with making such quantities without a licence.
So in 2013 Casamigos went on sale to the US public, who caught on to the smooth taste. Since its creation, it has received a number of awards and accolades from tequila experts and is on track to sell more than 170,000 cases by the end of 2017.
A standard bottle of its Blanco brand sells in this country for around £50, although its Anejo costs £70. Stockists in Britain include Selfridges and it can be bought online.
Diageo, a British multi-national whose brands include Smirnoff, Guinness, Baileys and Johnnie Walker, said that following its £790million acquisition it would be looking to roll the brand out internationally with Clooney, Gerber and Meldman continuing to promote it. The company said the brand had ‘exceptional growth’ potential.
Under the terms of the deal it will buy Casamigos for £553million with a further £237million payout based on its performance over the next ten years.
It is not known how much Clooney and his friends will each make from the deal, which is expected to be completed later this year. Gerber said: ‘We are extremely excited to team up with Diageo. What started from a friendship and an idea to create the best tasting, smoothest tequila as our own house tequila to drink and share with friends, has quickly turned into the fastest growing super-premium tequila. Casamigos has always been brought to you by those who drink it and we look forward to continuing that.’
Diageo chief Ivan Menezes said: ‘We look forward to building on the remarkable success of Casamigos to date.’