Casamigos, the tequila brand co-founded by George Clooney and his friends, has been sold to Diageo.

Founded in 2013 by George Clooney, Rande Gerber and Mike Meldman as a friends and family project, Casamigos quickly became the fastest-selling super premium tequila brand in the US.

Casamigos produced 120,000 cases of tequila last year and is expected to produce 170,000 cases this year.

According to The Drinks Business, Casamigos was sold for $700 million, with a further potential $300 million based on future performance.

“We expect to expand the reach of Casamigos to markets beyond the US to capitalise on the significant international potential of the brand,” said Diageo’s chief executive, Ivan Menezes, to The Drinks Business. “If you asked us four years ago if we had a billion-dollar company, I don’t think we would have said yes,” he added.

“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,” George Clooney told CNBC.