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Testimonials

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Sandro Rosell
FC Barcelona President
Monday, August 21, 2017

Casamigos, the tequila company, is being sold to Diageo for as much as $1 billion. The company was formed and is currently owned in partnership by George Clooney, the actor and film maker; Rande Gerber, the Jewish owner of nightlife companies and Gerber Group Restaurants and bars; and Michael Meldman, the Jewish real estate tycoon who owns 18 private resorts. On Wednesday June 21, the company disclosed that “Diageo will initially pay $700 million, with the potential for another $300 million based on the tequila’s performance over 10 years reflecting the brand’s exceptional growth trajectory and upside potential.” The deal is expected to close during the second half of 2017.

In 2013, the idea for the company was conceived by chance when Clooney and Gerber bought vacation properties in Mexico. The friends enjoyed sitting and drinking tequila together, but were dissatisfied with their options. Until one day Clooney suggested, ‘Why don’t we create one that’s perfect for us?' They spent two years sampling 700 different tequilas and meeting with distillers until they found what they felt was the perfect spirit. They describe it as super smooth, drinkable, with no burning aftertaste or hangover. They began by ordering for their own consumption in the first year. When they reached 1,000 bottles, the distillery informed them that they would be required to get the drink licensed. Meldman joined the team then, and the company was off to a quick start. After four years, Casamigos tequila now sells in 20 countries including the US, Canada, the UK, Australia, New Zealand, Spain, Italy, Peru, Hong Kong, Dominican Republic, and Jamaica. “If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes,” Clooney told the press.

The team sought to keep the drink affordable, with the price per bottle ranging from $45 to $55. “George doesn’t need the money. I didn’t need it. Mike didn’t need it,” Gerber told Business Insider. “It wasn’t the reason behind launching a tequila. We wanted everyone to be able to drink it.” He insists Clooney and him still taste every batch.

By Helen Zaboulani