Global Drinks giant Diageo has added to its premium tequila holdings buy purchasing Casamigos.
The purchase price is reportedly $1 billion.
The Casamigos brand was founded by actor George Clooney and his friend Rande Gerber after the two bought adjacent properties in Mexico and spent time together drinking tequila. Their love for the spirit morphed into creating a tequila intended only for their own consumption.
When they attempted to share the tequila with others across Mexico’s borders, they learned that they’d have to license the product. From there it became a brand, Casamigos, which launched in 2013 and quickly grew in popularity and size. Sales doubled the last two years.
“We created Casamigos Tequila four years ago for us to drink personally and selling it for $1 billion dollars is something we never could have imagined,” Gerber said in a statement. “We remain committed to our brand and look forward to our future with Diageo and continuing our work with our dedicated and passionate Casamigos team.”The post Diageo Buys Casamigos Tequila first appeared on Beverage Dynamics.