Sammy Hagar sells tequila business

Former Van Halen member Sammy Hagar has sold a controlling interest in his Cabo Wabo brand of tequila for $80 million. The Italian spirits company Gruppo Campari has bought 80 percent of the business from Hagar, who founded it in 1996, with Hagar holding on to 20 percent. He'll stay on with the organization in a quality assurance role, as well as staying involved with the marketing aspect. Campari plans to expand the Cabo Wabo tequila around the world, and Hagar said, "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. 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." Gruppo Campari takes control in January.

Hagar told us that he's really proud of the success that the Cabo Wabo brand has achieved in a relatively short time: [ Click to listen if you have a backstage pass] "That tequila thing was such a -- it wasn't a gamble, I don't even have the right words -- it was just such a small-time, little thing that I did, like a little hobby for fun, that exploded, and I just had to grab on to it, and I've just been on this ride. You know, it's like jumping on the back of a rocket ship and holding on for dear life."
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