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George Clooney’s Accidental Tequila Company Just Sold For Up To $1 Billion

Looking back to where it all began. #NationalBestFriendDay #HouseOfFriends

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I bet that if ten years ago, you told George Clooney he was eventually going to build a billion-dollar tequila business, the actor would’ve laughed in your face.

Today, that’s exactly what Clooney has done, as Casamigos, the tequila company he created on a literal whim, was just sold to international distillery giant Diageo, with total proceeds having the potential to reach a billion dollars. Diageo will pay $700 million upfront for Casamigos, with an additional $300 million available based on how well the tequila performs over the next decade.

Happy Cinco de Mayo from all of us at Casamigos Tequila!

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When Casamigos started out, it was never meant to be a business that sold tequila. The spirit was a private collection that Clooney and co-founder Rande Gerber developed after 700 different taste tests, the result being a tequila that didn’t have a burning aftertaste or left the two feeling hungover. However, they eventually were ordering enough bottles for themselves, friends, and family that they had to get licensed to continue making the alcohol. They brought in co-owner Michael Meldman at this point to help launch the company in 2013, which has since become one of the fastest-growing tequila brands in the country.

All three co-owners will stay on with Casamigos after the acquisition, which is expected to close in the second half of this year. Diageo doesn’t expect to begin making money on the tequila until the fourth year of owning the business, but the ultra-premium tequila, which goes for $45-$55 per 750 mL bottle, could very well be worth the investment.

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George Clooney to Launch a Tequila Line Called ‘Casamigos’

George Clooney has teamed up with Cindy Crawford’s restaurateur husband Rande Gerber for a line of tequila called “Casamigos.” Unlike recent celebrity endeavors involving bottling their own Wine (think: Drew Barrymore, Antonion Banderas, AC/DC), Clooney went the tequila route, and according to sources, Casamigos is a Mexican tequila that Gerber and Clooney have been sipping on for years.

Little else is known about the tequila venture at this time, other than both Clooney and Gerber hoping to keep the tequila at a decent price point, and that it was named after the homes they own in Mexico. More on Casamigos as information becomes available.