Sammy Hagar Sells 80% Of Tequila Company
May 8, 2007 at 6:10 AM (PT)
SAMMY HAGAR is selling an 80% interest in his CABO WABO TEQUILA to GRUPPO CAMPARI, the world's seventh-largest spirits company, for $80 million, the two sides said MONDAY. HAGAR created CABO WABO TEQUILA to serve patrons at his CABO WABO CANTINA in CABO SAN LUCAS, MEXICO. He began to distribute it in 1999.
"I'm jumping up, I'm excited,'' HAGAR said of the opportunity for worldwide distribution by a company that does business in 190 countries.
"SAMMY has done a fantastic job building the brand, so we are going to obviously spend time with him and work with him to continue our efforts to take the brand to an even larger level, both here in the U.S. and, more important, globally," said SKYY SPIRITS Pres./CEO GERRY RUVO.