In case you thought George Clooney, actor and new father to twins, was running out of money, don’t fret! He’s totally fine! He just sold his tequila company for $1 billion. Not million. Billion. So, yeah, he’s fine.
Clooney and his business partners and co-owners, Rande Gerber and Michael Meldman, started their tequila company in 2013 and called it Casamigos, which translates to “House of Friends.” They have sold their company to Diageo for as much as $1 billion as of today. Clooney talked with CNBC over email about the business deal and what it means for the company and for the parties involved.
“If you asked us four years ago if we had a billion-dollar company, I don’t think I would have said yes,” Clooney started. “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. Starting with a shot tonight. Maybe two.”
A classic line from a classic man selling his alcohol company for an absurd amount of money. Diageo has said that the deal will initially pay $700 million and grow by another $300 million throughout the next 10 years based on the tequila’s performance under new leadership. The entire transaction is expected to close in the second half of this year.
Though Casamigos is being sold, there is no word whether or not the tequila will undergo a name change, but Clooney, Gerber and Meldman will be in close contact with the rest of the dealings as well as the future of the business with Diageo.
The craziest part of the story: Clooney and his buddies essentially started the tequila company by accident. Casamigos started as a private collection of tequila just for Gerber and Clooney. But the team was forced to make the label public to continue making the tequila, and here we are. Four years later, the company is selling for that whopping $1 billion.
Enjoy your money, guys! We’ll just be over here accidentally creating cute and pretty makeup until it sells for $1 billion too.