SAN FRANCISCO (CelebrityAccess MediaWire) — Former Van Halen star, professional rock and roller, and tequila connoisseur, Sammy Hagar, is $80 million richer after selling a controlling interest in his Cabo Wabo tequila to an Italian spirits company.
Gruppo Campari bosses have bought 80 per cent of the business from the rocker, who founded the brand in 1996.
Hagar says, "When I created Cabo Wabo, I never dreamed that it would be received so well by my fans and people who really love good tequila.
"Sammy Hagar and Skyy Spirits share the same passion for quality, luxury and style," said Gerry Ruvo, President and CEO, Skyy Spirits. "Cabo Wabo is known among tequila connoisseurs as the ultimate in taste. We look forward to working closely with Sammy and his team to introduce the brand to a global audience."
Sammy Hagar will retain 20 percent ownership of Cabo Wabo and will continue to be intimately involved in the brand's quality guidelines and in the marketing designed to expand brand awareness and sales in the US and the rest of the world.
"When I created Cabo Wabo, I never dreamed that it would be received so well by my fans and people who really love good tequila," said Sammy Hagar. "While I am proud of its success, it's time to let the world have a shot at the best tequila on the planet and Campari can help take us there."
"While I am proud of its success, it's time to let the world have a shot at the best tequila on the planet, and Campari can help take us there.”
"It was just such a small-time, little thing that I did, like a little hobby for fun, and that exploded, and I just had to grab on to it, and I've just been on this ride… It's like jumping on the back of a rocket ship and holding on for dear life."