(05-07) 17:25 PDT -- Sammy Hagar, a rock 'n' roll legend and Mill Valley Tequila entrepreneur, is selling an 80 percent 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. Last year, his company sold 147,000 cases, making it the second-best-selling premium Tequila in the United States, he said in a telephone interview.
"I'm jumping up, I'm excited,'' Hagar said of the opportunity for worldwide distribution by a company that does business in 190 countries.
Skyy Spirits of San Francisco, a vodka producer and subsidiary of Milan's Gruppo Campari, will market Cabo Wabo globally, with continued participation by Hagar.
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