Adding to his recent stories, George Clooney has sold the tequila brand Casamigos in a deal that values the company at up to $1 billion.
Casamigos, the tequila brand that Mr. Clooney founded with his friends Rande Gerber and Mike Meldman in 2013, said Wednesday that it had sold itself to the spirits giant Diageo. The trio – who own neighboring homes in Los Cabos in Mexico – spent more than five years tasting and developing the tequila brand with a master distiller in the Jalisco highlands of Mexico, according to Clooney.
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.
The emergence of premium tequilas has helped the drink shake off its traditional image as a party beverage for young drinkers. Casamigos said it sold 120,000 cases last year, and it is expected to sell more than 170,000 this year.
The company’s success eventually drew the attention of Diageo, whose alcoholic wares include Guinness beer and Johnnie Walker Scotch.
The transaction makes Mr. Clooney one of the most successful celebrity investors around.
George Clooney was recently blessed with twins a boy and a girl.