We all know the hackneyed happy hour punch line: One tequila, two tequila, three tequila, floor. For sure, tequila may elicit memories of college hangovers, sessions at the toilet bowl and occasional bad decisions. But the classy Casamigos brand from George Clooney and his partners — entrepreneur and husband to Cindy Crawford, Rande Gerber, and real-estate mogul Michael Meldman — have been fighting that since 2013 with their ultra-premium tequila brand.
Now, Clooney and his partners are about to cash in big. Clooney, whose purported net worth before the deal was $225 million, will now likely clock in closer to $500 million.
The partners are selling their brand to beverage behemoth Diageo for what CNBC reports could end up being as steep as $1 billion. Once the deal closes, which is expected to happen in the second half of 2017, $700 million will go right into the pockets of Clooney and his two partners. If their fan-favorite craft tequila continues to do well, the group of men will earn an additional $300 million over the next ten years — but only time will tell.
In a statement to CNBC via email, Clooney said “If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes,” referencing the fact that the trio never envisioned such commercial success for a project that basically started as a passion project. “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.” We’re raising our shot glass with you, George. (And watching Ocean’s Eleven in your honor as we toast your success!)
Hopefully the deal will be enough to get George and Amal’s newborn twins through college.