Ryan Reynolds just sold his Aviation American Gin brand for an estimated $610 million
It seems that more and more celebrities are diversifying their portfolios by getting into the liquor and wine industry, and given thatjust sold his Aviation American Gin brand as part of a $610 million deal it's easy to see the appeal.
Diageo—the world's largest spirits and beers producer—has acquired the gin brand co-owned by the actor in a deal that could be worth up to $610 million. As part of the deal, Diageo will pay $335 million upfront with an additional $275 million possible payday depending on Aviation's performance over the next 10 years.
In 2018, Reynolds purchased a stake in the gin brand, founded in 2006, and as part of this new deal will retain an “ongoing ownership stake.” In addition to Aviation Gin, Diageo also acquired Astral Tequila, Sombra Mezcal and TYKU Sake from the brand's parent company Davos Brands LLC.announcing the acquisition, Reynolds wrote, “A little over two years ago, I became an owner of Aviation Gin because I love the taste of Aviation more than any other spirit.
But Reynolds isn't just interested in being the king of gin, he's working on building a small business empire outside of alcohol and acting. In 2019, the actor purchased an ownership stake in Mint Mobile, an affordable direct-to-consumer cell phone carrier, and in July 2020 he joined the board of Match Group, the company that owns Match.com and Tinder.
While Reynolds deal is definitely substantial, it's still far less than that of his fellow actor turned spirits purveyor,. In 2017, Clooney sold Casamigos, the tequila brand he co-owns with two friends, to Diageo for $1 billion with $700 million upfront and an additional $300 million depending on performance. Clooney said at the time that, despite selling the brand, “We'll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two.
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