Italian Company To Buy 80% Of SAMMY HAGAR's Cabo Wabo Tequila For $80 Million
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  1. #1
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    Default Italian Company To Buy 80% Of SAMMY HAGAR's Cabo Wabo Tequila For $80 Million

    Hemscott.com reports that Davide Campari-Milano SpA, the Italian beverage group, said that it has signed an agreement to buy an 80 percent stake in Cabo Wabo Tequila for $80 million.

    Cabo Wabo was founded in 1996 by Sammy Hagar, former lead singer of the band VAN HALEN, who is also a major shareholder, it said.

    The deal, which is expected to be closed in Jan 2008, values Cabo Wabo 11.8 times expected EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for 2007, it said.

    The "ultra premium" brand sells about 70,000 nine-litre cases a year, mainly in the U.S., and is one of the fastest growing brands in the U.S. spirits market, Campari said.

    The company said it can purchase the remaining 20 percent in two tranches. A 15 percent stake can be bought in 2012 and a 5 percent stake in 2015.

  2. #2
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    I can't believe Sam would sell off such a huge stake in Cabo Tequila...
    ...and in the end, on dreams we will depend...


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  3. #3
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    he's in business to make money. If he sells it and make $100 million- why not do it? He would still have his Cabo bars/clubs right...
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    kudos to sammy on this one... he built something from nothing that's completely not music-related... granted, he used his celebrity to promote it, but, man, i'll bet this is some of the resentment that evh was feeling towards the cabo...

    as for why he would sell? the company paid him more now for potential future earnings from the brand... it sold at 11.8 times earnings... if my company made $8.5 million and somebody offered me 12x that for the business... SIGN ME UP!
    Runaround... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around...

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    That's a lot of cash. Also 12 times revenue, damn I'd sell my company ANY day for that amount.

    Maybe Sam can focus on writing great songs now.
    Little Dreamer

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    It is a disappointment to read he'll sell it off like that, but on the other hand it will happen over the course of several years. Moreover, Sam's not getting any younger, and that is a shitload of money to have in one's golden years. His family will be set up nicely for a long time. Isn't that something we all wish we could have--to know our children and their children will be financially secure?

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    He did it to get back in the band....lol

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    Well if he sells it, I doubt we will hear much about Cabo Wabo Tequila anymore. Which is fine with me, since I like Sammy's voice and music, I never cared about his tequila.
    Right Now you're reading my post!


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  9. #9
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    One of the first rules of business - have a good exit strategy. Build it to sell it, that sort of thing.

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    I can't wrap my head around that much $$. Wow. Good for Sam.

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    Does that mean I'll be able to buy Cabo Wabo Tequila in Europe from next year on?

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    Quote Originally Posted by Little Dreamer View Post
    That's a lot of cash. Also 12 times revenue, damn I'd sell my company ANY day for that amount.

    Maybe Sam can focus on writing great songs now.

    It is a lot of green, but it is not twelve times revenue, it is twelve times EBITDA.

    It is the earnings after his plant, shipping, payroll, etc. but before his interest, taxes, depreciation and amortization. It is still a big hunk of dough. If someone offered me twelve times EBITDA for my business I would sign before they finished the sentence!
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  13. #13
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    Congrats .. wonder what that will do to the value of the 1,2,3 generations of bottles out there?
    Sam, Dave,Gary... who cares. its all about what makes you feel good.

  14. #14
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    Good, he can gimme that 40 bucks he owes me .....

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    He'll prolly have Dave at his door trying to bum a few bucks....

 

 

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