MALIBU, CA — Actor George Clooney and agent Rande Gerber accept awash their tequila business to British alcohol aggregation Diageo, it was appear Wednesday.
Clooney and Gerber, who is affiliated to supermodel Cindy Crawford, forth with absolute acreage administrator Michael Meldman started the super-premium tequila Casamigos in 2013. It was ahead a clandestine characterization meant for accompany of the trio, which is reflected in the name — Spanish for “House of Friends.”
“We are acutely aflame to aggregation up with one of the largest, best admired alcohol companies in the world,” Gerber said in a statement. “What started from a accord and an abstraction to actualize the best-tasting, smoothest tequila as our own abode tequila to alcohol and allotment with friends, has bound angry into the fastest growing super-premium tequila.”
The accord is initially account $700 million, but the leash could accomplish addition $300 actor if the cast does able-bodied in the aing 10 years, authoritative the accord account a abeyant $1 billion. Since its inception, Casamigos has accustomed abundant awards and accolades from tequila experts. In 2016, the aggregation awash 120,000 cases, and it is on clue to advertise added than 170,000 cases this year.
“With the all-around backbone of Diageo we apprehend to aggrandize the ability of Casamigos to markets above the US to capitalise on the cogent all-embracing abeyant of the brand,” Diageo CEO Ivan Menezes said in a statement. “We attending advanced to architecture on the arresting success of Casamigos to date.”
Diageo does not apprehend the accretion to affect its balance abeyant for the aboriginal three years, and the Casamigos cast is accepted to alpha authoritative money in the fourth year. The accord is accepted to be accomplished by the additional bisected of this year.
Clooney, Gerber and Meldman are accepted to break on with the aggregation afterwards the acquisition.
AP Photo/Andrew Medichini
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