Cabo Wabo Nets Mucho Dinero

Red Rocker Sammy Hagar, who’s rumored to be bringing some life to Pollstar’s hometown soon, is selling an 80 percent interest in his Cabo Wabo Tequila to Gruppo Campari.

The company, which is the world’s seventh-largest spirits company, will pay Hagar $80 million and will market the tequila globally, with continued participation by the musican, according to the San Francisco Chronicle.

Hagar initially created the tequila to serve to patrons at his Cabo Wabo Cantina in Cabo San Lucas, Mexico. He began distributing it nationally in 1999, and sold 147,000 cases last year, earning the No. 2 spot on the premium tequila sales charts in the U.S.

The musician told the Chronicle he had been approached by other companies in the past, but hadn’t found one he felt comfortable with. He said his desire for worldwide distribution helped him to finally make a decision, and he believes Gruppo Campari is a good fit.