George Clooney just sold his tequila brand, Casamigos, for likely more than all the money he’s ever made on his movies combined.
The purchaser, Diageo (which owns and distributes Johnnie Walker, Smirnoff and Cîroc) will pay Clooney and his 2 business partners $700m in cash, and up to $300m more based on performance.
Sometimes, a heavy night of drinking pays off
Georgie Boy first set out to design his own tequila after downing some shots with a few buddies in Mexico and not quite finding the perfect blend.
The gentlemen spent two years meeting with various distillers, sampling over 700 varieties, then ordering a few thousand bottles for their own consumption. In 2013, they launched the brand and began selling it to the general public.
Over the next four years, Casamigos became the fastest-growing tequila brand in the world, selling in 20 countries.
Turns out, celebs are good at selling beverages
Clooney’s portion of the payout (estimated at $233m) is impressive — but he’s not the only celeb to cash in on dranks.
When Coca-Cola purchased Glaceau (maker of Vitaminwater) in 2007, part-owner 50 Cent walked away with $100m. Bethenny Frankel, of Real Housewives fame, made at least $20m off the sale of SkinnyGirl. And rapper Sean “Diddy” Combs can credit Cîroc vodka for a part of his $820m fortune.
(via The Hustle)