Beverage giant Diageo has acquired Clooney's super-premium tequila brand Casamigos for $US700 million upfront, and another $US300 million over ten years depending on the brand's performance.
Actor George Clooney, entrepreneur Rande Gerber and property developer Mike Meldman created Casamigos, which translated means ‘house of friends’ , four years ago.
According to Diageo, Casamigos is the fastest growing super-premium tequila brand in the US, and the founders will continue to promote Casamigos and have input into its future.
“Since it launched, Casamigos has seen strong growth in its core US market and, building on the strong bonds of their friendship, the three founders have nurtured the brand through an inspiring story of celebration and inclusion. And we are very pleased that they will continue to promote the brand and provide their unique leadership and vision,” the company said.
“For us, the acquisition of Casamigos adds another exceptional tequila brand to sit alongside Tequila Don Julio and supports our strategy to focus on the high growth super-premium tequila category.
“This is an exciting category and, together with Casamigos, we look forward to building the brand in the US and beyond. You could say it’s the start of a beautiful friendship.”
