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George Clooney just sold his tequila business for up to $1 billion

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Post by benex Wed 21 Jun 2017, 17:38

[size=36]George Clooney just sold his tequila business for up to $1 billion
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35 Mins AgoCNBC.com
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[size=11]David M. Benett | Dave Benett | Getty Images

(L to R) Founders of Casamigos Tequila Mike Meldman, George Clooney and Rande Gerber attend the launch of Casamigos Tequila at Ushuaia Beach Hotel Ibiza on August 23, 2015 in Ibiza, Spain.
George Clooney is selling his tequila company Casamigos to Diageo for as much as $1 billion, a source familiar with the situation told CNBC.
"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 CNBC via email. "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."
Diageo said it will initially pay $700 million, with the potential for another $300 million based on the tequila's performance over 10 years. The transaction is expected to close during the second half of 2017.

Diageo doesn't expect the deal to add to its earnings until its fourth year. In the first three years, the brand will not have any impact on earnings
Clooney, Rande Gerber and Michael Meldman, who own Casamigos together, are expected to stay with the company after its acquisition.
Gerber founded nightlife companies Midnight Oil and the Gerber Group and Meldman is a real estate tycoon.
Casamigos, which loosely translates to "house of friends," started as a private collection of tequilas meant just for Gerber and Clooney's friends and family. However, in 2013, the team brought the label public when they had to get licensed to continue making the tequila.
"It immediately took off," Gerber told CNBC back in November. "Right now, we're the fastest growing ultra-premium tequila in the country."
— CNBC's Jen Zweben contributed to this report.

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Post by annemarie Wed 21 Jun 2017, 17:49

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George Clooney is saying adios to Casamigos.
The 56-year-old actor just sold his tequlia company to British spirits seller Diageo for a cool $1 billion, Deadline reports.
Clooney, who owns the booze brand with Rande Gerber and Michael Meldman, is reportedly staying with the company after it’s purchased.
“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 Deadline.
“We’re not going anywhere. We’ll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two,”
Casamigos, which loosely translates to “house of friends," started up four years ago as a private collection between Gerber and Clooney’s friends and family. The label went public in 2013 when the team had to get a license to continue making tequila.

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Post by benex Wed 21 Jun 2017, 17:53

[size=40]A tequila company George Clooney started by accident is being sold for $1 billion[/size]

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[You must be registered and logged in to see this image.][size=12]Courtesy Casamigos

George Clooney created a tequila company on a whim and now it's being sold for $1 billion, CNBC is reporting.
The idea behind Casamigos, the brainchild of Clooney and his two friends, Rande Gerber (Cindy Crawford's husband), and Michael Meldman, was born when Clooney and Gerber bought neighboring properties in Mexico and got into drinking tequila. They got so into the drink they decided to create their own, Clooney told CNBC.
"Our idea was to make the best-tasting, smoothest tequila whose taste didn’t have to be covered up with salt or lime," the founders claim on their Facebook page.
Initially, the spirit was only made for their own consumption but after two years the distillery said that they had ordered so many "samples" that they would now need to have the drink licensed. 
In 2013, they launched the company and made the drink available to the public. It became one of the fastest-growing tequila brands. 
The business is now being sold to Diageo for $1 billion. [/size]
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Post by party animal - not! Wed 21 Jun 2017, 18:10

Great find, Benex.

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Well, he certainly meant it when he said it had been his biggest earner ever!

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Post by Donnamarie Wed 21 Jun 2017, 18:37

Hmmm well this is very interesting. So tho the guys are selling they are still going to be very much involved with Casamigos? Wonder what that means?

$1 billion ... wow!
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Post by Way2Old4Dis Wed 21 Jun 2017, 18:57

It means they're now very high-priced employees of Diageo.

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Post by Sevens Wed 21 Jun 2017, 22:10

Rande's statement:
“We created Casamigos Tequila 4 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 to PEOPLE. “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.” 
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Post by party animal - not! Wed 21 Jun 2017, 22:28

Er, associate directors? Part of the marketing team? Truly global stuff as Diageo is a British company....

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Post by Sevens Wed 21 Jun 2017, 22:52

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Diageo's statement
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Post by Alisonfan Wed 21 Jun 2017, 23:26

Way2Old4Dis wrote:It means they're now very high-priced employees of Diageo.


Amal too and Cindy 1/4 billionaires esses

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Post by party animal - not! Wed 21 Jun 2017, 23:39

Like this:

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Post by Donnamarie Thu 22 Jun 2017, 00:24

Im disappointed they are selling. But they have their reasons. I'm wondering if the business was getting bigger than they could handle efficiently? Rande and George staying on to promote and advise hopefully will ensure that the quality of their product won't be diminished. If their names are staying on the label then I would think they are very much invested in making sure the quality doesn't change. Rande and/or George have stayed pretty "hands-on" with Casamigos. Rande has said they taste every batch personally.
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Post by premiere Thu 22 Jun 2017, 01:48

Amal will have it spent in 6 months.
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Post by fava Thu 22 Jun 2017, 13:10

Alisonfan wrote:
Way2Old4Dis wrote:It means they're now very high-priced employees of Diageo.


Amal too and Cindy 1/4 billionaires esses
Depends on the pre-nup!  And don't they have a 3rd partner?

In any event, if you read the deal it is not for $1 billion.  It is $700 million with the possibility of more over 10 years depending on the performance of the tequila.

But yeah, a hell of a lot.  Who knew the liquor business was worth this much for what must essentially be a niche brand (1 type of liquor at a higher price point)?

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Post by carolhathaway Thu 22 Jun 2017, 14:13

Mike Meldman is their partner at Casamigos.

Since the sale of Casamigos became public, I've read many headlines like 'George Clooney earned $1 billion overnight' which is absolutely wrong. But even if they just get $700 million I guess they can survive a while Smile
I just hope they made sure that Diageo will keep their staff and trwat them right...
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Post by Donnamarie Thu 22 Jun 2017, 14:29

I'm assuming the $700 million will be split three ways. One article I read said George was getting $233 million.
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Post by annemarie Thu 22 Jun 2017, 14:34

Yep it was split three ways George is the big name so of course they ignore the others.

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Post by Joanna Thu 22 Jun 2017, 17:18

To be honest I feel uneasy about these details 
being made public just now that George 
has a family to protect. 

Many unpleasant greedy people out there.
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Post by LizzyNY Thu 22 Jun 2017, 17:26

I read that Diageo bought another tequila brand (Jose Cuervo). I wonder if they spent as much for that as for CasaMigos. Maybe they're trying to corner the market on premium tequila brands.

Jo, as far as security is concerned I think they're pretty safe for now considering they're hunkered down in Sonning. I'm sure they've got plenty of security - maybe even more than usual now that the twins are there. I'd be more worried about the Gerber kids since they're older and out in the world more, which leaves them more exposed.
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Post by party animal - not! Fri 23 Jun 2017, 02:02



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Post by party animal - not! Fri 23 Jun 2017, 02:13

Great piece from Good Morning America:

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Post by Katiedot Fri 23 Jun 2017, 04:39

Don't forget the tax man takes its cut from this too.  Not that they'll be starving trying to live of the $100 million or so that they'll each get, but it's not quite the 1 billion touted in the press!
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Post by Katiedot Fri 23 Jun 2017, 04:52

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[size=32]Investors Doubt George Clooney's Tequila Is Worth $1 Billion[/size]


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Diageo
George Clooney poses with his tequila, Casamigos, and one of his partners.

Hollywood megastar George Clooney might be joyously counting his cash after Diageo agreed to buy his tequila company for up to $1 billion Wednesday but investors in the London-based alcoholic beverage giant aren’t exactly celebrating. Diageo shares fell 1.75% to $119.62 on the NYSE as analysts warned that the world’s largest liquor maker might be overpaying for the super-premium Casamigos brand Clooney co-founded with two friends.
Diageo touts that Casamigos is the fastest-growing super premium tequila in the country, and tequila sales are projected to grow at a compound annual rate of 3.6% over the next five years, with high-end tequila expected to lead the way. But analysts at Citigroup and Credit Suisse caution that the price that Diageo agreed to for Casamigos, which amounts to 20 times annual sales, is rather high. The category average is four to six times sales, according to Reuters. Morgan Stanley left the stock on “Overweight,” while Citigroup left it on “Neutral.”
[url=https://twitter.com/intent/tweet?url=http%3A%2F%2Fwww.forbes.com%2Fsites%2Ftaranurin%2F2017%2F06%2F22%2Finvestors-doubt-george-clooneys-tequila-is-worth-its-1-billion-offer%2F&text=The stars must line up perfectly for this deal to create value%2C in our opinion.]“The stars must line up perfectly for this deal to create value, in our opinion,”[/url] writes Morningstar analyst Philip Gorham, who estimates the valuation lower Morgan Stanley at 11.5 times 2017 sales.

Diageo will pay $700 million in cash and debt upfront and another $300 million more over ten years if the brand meets undisclosed performance measures. Clooney and his partners, nightlife impresario Rande Gerber and real estate mogul Mike Meldman, started Casamigos four years ago to craft gifts for friends, family and themselves. When the federal government informed them they were making too much for home consumption, they each chipped in a reported $600,000 to go commercial by contracting production out of Mexico. According to SEC filings, the company sold 120,000 cases last year and is on track to sell 170,000 by the end of this year.
According to Forbes staff writer Natalie Robehmed:


In comparison, Brown-Forman spent $876 million on two tequila brands, Tequila Herradura and El Jimador in 2006, which had sold nearly 1.8 million cases combined in the year prior to its acquisition. In 2012, Beam forked out $600 million on the cheaper Pinnacle tequila, which was set to shift more than 3 million cases that year. More recently, Pernod Ricard bought the majority of Avion Tequila for $100 million in 2014 (it had moved 53,000 cases in 2013, according to Impact Databank).

Jeremy Cunnington, Senior Analyst at Euromonitor International, said in a statement:

This acquisition is part of a general trend of companies willing to pay very high multiples for spirits brands of perceived quality, eg: Pernod Ricard and Smooth Ambler and Constellation’s recent spirits acquisitions. It is very much a sellers’ market and a number of buyers will be burnt with their optimism for the brands’ performance not matching reality. The company obviously feels that the growth trajectory of the brand, especially with its added distribution heft will produce results. However, considering they already have a raft of high end tequilas, such as Don Julio, Peligrosso and De Leon, it does seem rather surprising.

If 54% over two years sounds like tremendous growth for a four-year-old company, it is. But it’s not out of line for the American super premium and high-end premium tequila industry, which the Distilled Spirits Council (DISCUS) says has expanded by 706% and 292%, respectively, since 2002. DISCUS defines a premium tequila as one that costs between $10 and $17.78 for a one-liter bottle. A 750 ml high-end premium bottle costs between approximately $18 and $26 and super premium rings in above $26. Costing between $45 and $55, a 750 ml bottle of Casamigos lands in the super premium category.
“Casamigos is a fabulous brand in an exploding category that has experienced impressive growth and consumer pull, and we see an opportunity for Casamigos to continue to grow and take share successfully.  We structured the deal with an earn-out over ten years to demonstrate our confidence in the growth of the brand, but also to help ensure we get the return we expect,” says Zsoka McDonald, vice president of corporate relations for Diageo North America.
“Casamigos is a great brand as it’s grown very rapidly,” agrees DISCUS Senior Vice President Frank Coleman. “It’s been very successful, particularly in the super premium category, which is what the U.S. market is looking for.”
Casting aside its reputation as a cheap way for college students to get drunk, tequila has emerged over the past 15 years as a luxury artisanal spirit that now sells better in the United States than in any other country, including Mexico, where by law it must be made.
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Post by Katiedot Fri 23 Jun 2017, 04:56

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[size=36]George Clooney’s partner Rande Gerber says everyone ‘kind of shocked’ by tequila company’s $1 billion sale[/size]


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George Clooney won't have to worry about a college fund for his newborn twins.
The Oscar winner just sold his tequila business with partners Rande Gerber and Michael Meldman to British company Diageo for $1 billion, ABC News has confirmed.

George Clooney Gets in Bed For Casamigos Tequila Ad



"If you asked us four years ago if we had a billion-dollar company, I don’t think we would have said yes," Clooney said in a statement Wednesday. "This reflects Diageo’s belief in our company and our belief in Diageo."

Gerber described himself, Clooney and Meldman as "kind of shocked" by the sale.
"I guess we were kind of shocked because never planned on starting a tequila company. We made Casamigos just for us to drink," Gerber said today on "Good Morning America" by phone from Mexico. "Four years later when, you know, we’re offered a billion dollars to sell the company, yeah, we were kind of shocked."

CNBC first reported on the deal, in which Diageo will pay an initial $700 million, with the potential for another $300 million over 10 years based on the tequila's performance.
Diageo was lauding the deal on Twitter.


Clooney made it clear that although he and his partners sold the company, they will still be involved, saying in his statement, "We’ll still be very much a part of Casamigos."
Gerber, who is married to supermodel Cindy Crawford, echoed Clooney's statement and described the Casamigos brand as "a lifestyle" for its founders.

"I think the most important thing for us though was we really love what we do and we love what we made and want to keep drinking it and keep the team together," he said. "Fortunately we get to keep our team together and we’ll continue to run the company and stay involved."

The three friends started the company, which translates to "house of friends," as a private collection of tequilas meant just for their friends and family. But in 2013, they took the company public.

"It is pretty shocking what we created in four years," Gerber said on "GMA," adding they will "definitely not" change any of their tequila recipes.

After the sale, Clooney was lauded for his good fortune.
Actor and director Albert Brooks joked on Twitter that "it's great when someone like that can catch a break."
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Post by carolhathaway Fri 23 Jun 2017, 06:36

Of course Casamigos objective value isn't $1 billion, that's what others (Diageo) are willing to pay for it. That's how capitalism works! Or does anybody really think that companies like Apple and especially (whose most valuable asset are the users datas)?
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Post by Katiedot Fri 23 Jun 2017, 12:32

I'm still surprised that Diageo think that $1bn is a good investment for Casamigos.  Do they even have the production capacity to make so much tequila to sell so Diageo can make their money back?
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Post by Donnamarie Fri 23 Jun 2017, 14:24

Diageo wants to expand Casamigos' reach worldwide so I would guess that they factored that into their justification for a $1 billion price tag. They seem to be really successful with their other brands, including CIROC vodka, which is marketed and promoted by Sean Diddy Combs. I guess Diageo is looking for similar success using George and Rande as promoters as well.
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Post by carolhathaway Fri 23 Jun 2017, 22:49

There are many reasons for buying a competing brand - and also many reasons for selling it.

Reasons for Diageo might be:
- Controlling a fast growing, very successful competitor
- Controlling the tequila market
- Simply thinking that it's a good investment
...

Reasons to sell Casamigos might be:
- They want to spend less time with everydays business
- One of them - not necessarily George - needs the money
- They want a good ROI (return if investment)
- They think the offer is a one-in-a-lifetime-chance
...
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Post by benex Mon 26 Jun 2017, 10:12

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Post by What Would He Say Mon 26 Jun 2017, 19:09

Well well well...I saw this sometime last week and this song came ot mind immediately.....

"It takes a certain kind of man with a certain reputation
To alleviate the cash from a whole entire nation"




"Party like a Russian
End of discussion
Dance like it got concussion, oh
Put a doll inside a doll
Party like a Russian
Disco seduction
Party like a Russian, oh
Have it like an oligarch"




Kinda handy doncha think.....George is married to a lady who has always spent as if she were married to an Oligarch.....


No change there then....BTW....anyone remember my green tee-shirt appeal......


Thought not..... Sad
What Would He Say
What Would He Say
Mastering the tao of Clooney

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George Clooney just sold his tequila business for up to $1 billion Empty Re: George Clooney just sold his tequila business for up to $1 billion

Post by party animal - not! Mon 26 Jun 2017, 19:36

According to Time magazine, many drinks lost their appeal over the last year and percentages are down, and that includes wines and beer.

But tequila and gin have shot up! Gin by 2-3%. And tequila by a massive 5.4%.......

party animal - not!
George Clooney fan forever!

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George Clooney just sold his tequila business for up to $1 billion Empty Re: George Clooney just sold his tequila business for up to $1 billion

Post by Way2Old4Dis Mon 12 Feb 2018, 14:53

Further proof that our guy is charmed:

Tequila is about to become harder to produce, and therefore harder to buy. Agave plant growth has not kept pace with its uses in several new markets, and the plants take about eight years to mature. But guess who has control or deals with the top agave producers? That's right. Diageo. They will make their tequilas while others scramble to keep up.

Tequila is more popular than ever, and now with it becoming a premium commodity, people will pay higher prices for the good stuff. Looks like George and his partners will get the full billion off this deal.

For George, more money to give away, probably.

Way2Old4Dis
Mastering the tao of Clooney

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George Clooney just sold his tequila business for up to $1 billion Empty Re: George Clooney just sold his tequila business for up to $1 billion

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