The two men, as well as their other partner Michael Meldman, sold the Casamigos tequila brand for $1 billion… Billion, with a "B."
The brand was sold to Diageo, a British alcohol beverage company.
The men started the company four years ago as a passion project. Both George and Rande have agreed to stay on with the brand.
"If you asked us four years ago if we had a billion dollar company, I don't think we would have said yes," new dad George said in a statement after the sale. "This reflects Diageo's belief in our company and our belief in Diageo. We're not going anywhere. We'll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two."
Rande, who is married to supermodel Cindy Crawford, told TMZ of the billion dollar sale. "We never could have imagined it."
Casamigos, which loosely translates to "house of friends," started as just a collection of tequilas for George, Rande and their friends. It went public in 2013.
"It immediately took off," Rande told CNBC last November. "Right now, we're the fastest growing ultra-premium tequila in the country."
Diageo said it will initially pay $700 million, with the potential for another $300 million based on the tequila's performance over 10 years. Diageo's portfolio includes brands Johnnie Walker whiskey, Bulleit bourbon, Ketel One vodka and Don Julio tequila.