Teremana is marketed, in every sense, as Dwayne Johnson’s tequila: his name, his image, his launch story. The company’s own paperwork tells a more crowded story. Johnson is one of four named founders. A family in Jalisco is a business partner. And since early 2022 a German spirits group has been a strategic investor, on terms no one has made public.
The named parties
In an October 23, 2025 press release, Teremana lists its founders as Dwayne Johnson, Ken Austin, Jenna Fagnan and Dany Garcia, and describes Mast-Jägermeister as its longtime global distribution partner. The release’s body text also names Mexico’s Lopez family as a business partner, and the brand makes its tequila at its own distillery, Destilería Teremana de Agave, in the Jalisco Highlands. Shanken News Daily (April 2023) and The Spirits Business (February 2022) give the same founders and the Lopez family’s role; The Spirits Business places the distillery in Jesús María, Jalisco, and says the Lopez family holds a stake in the business and partners on production.
| What is documented | Source |
|---|---|
| Founders: Johnson, Austin, Fagnan, Garcia | Teremana press release, Oct. 23, 2025; Shanken News Daily; The Spirits Business |
| Lopez family: business partner, production, a stake | Teremana press release; The Spirits Business |
| Mast-Jägermeister: exclusive distributor from launch, strategic investor from early 2022 | The Spirits Business; BevNewsOnline; Shanken News Daily |
| Size of the Mast-Jägermeister stake | Not disclosed (BevNewsOnline, The Spirits Business, Fortune via Yahoo Finance) |
| Johnson’s percentage | Not disclosed by any party |
The German partner
Mast-Jägermeister was Teremana’s exclusive importer before launch. In February 2022 it took a stake, and all three outlets that covered the deal reported the same gap: the terms and the size of the stake were not disclosed. What the announcement did describe was a job. The Spirits Business reports that Mast-Jägermeister was to handle international sales, marketing, logistics and organizational structure, and quotes its global CEO, Michael Volke, saying the company wanted Teremana to be the next major brand in its portfolio.
Three and a half years later, that is the role the company’s press release shows it playing: leading what Teremana says will be more than 20 new international markets over twelve months, including Brazil, Spain, France, South Africa, Japan and Indonesia, with dates to be announced.
The volume the stake is attached to
The sales figures are what make the undisclosed percentages matter.
- 2020: about 300,000 nine-litre cases in the first year (The Spirits Business).
- 2021: 640,000 cases, per The Spirits Business and BevNewsOnline.
- 2022: 915,000 cases in the calendar year, per Impact Databank as reported by Shanken News Daily, nearly 50% up on 2021. Shanken also reported a rolling 12-month total above one million cases by April 2023.
- 2023: the company says annual sales passed one million nine-litre cases, which it calls a first for a premium spirit in the U.S. That is Teremana’s own claim, not an independently audited one.
Richard Black, a Campari and Westward Whiskey veteran, became CEO in December 2022, according to Shanken, and he is the Teremana executive quoted in the 2025 release. This reporting found no independently published volume figures for 2024 or 2025.
What this is not: a Casamigos
The celebrity-tequila exit everyone cites is George Clooney’s Casamigos, which Diageo bought in 2017 for up to $1 billion. Teremana has had no comparable event: no sale, no announced valuation, no filing. Figures near $3.5 billion circulate on aggregator sites, but they are extrapolations that trace to no company statement, regulator or acquirer, so this piece does not treat them as fact. The same discipline applies to the tidy ownership splits that appear online. A partner count is not a cap table.
The takeaway
The useful distinction in celebrity spirits is between the person on the label and the people on the register. For Teremana, the public record establishes who is in the room: four founders, a Jalisco family that makes the product, and a distributor with equity and an international mandate. It does not establish who owns how much of it. Until someone sells, files or discloses, Dwayne Johnson’s share of a million-case tequila brand is an open question, and any specific number you see is a guess.
More ownership breakdowns: Prime Hydration, SKIMS and Ryan Reynolds’s ownership playbook.
Frequently asked questions
Who owns Teremana Tequila? Teremana was founded by Dwayne Johnson, Ken Austin, Jenna Fagnan and Dany Garcia. The company’s October 2025 press release also names Mexico’s Lopez family as a business partner, and Mast-Jägermeister became a strategic investor in early 2022. No ownership percentages have been disclosed by any party.
How much of Teremana does Dwayne Johnson own? It has never been disclosed. Estimates of his share online are speculation based on the number of partners, not on any filing or company statement.
Did Diageo buy Teremana? No. Diageo bought Casamigos in 2017 and Aviation Gin in 2020. Teremana’s outside investor and distributor is Germany’s Mast-Jägermeister, which did not disclose the size of its stake.
How many cases does Teremana sell? Impact Databank put calendar 2022 at 915,000 cases, per Shanken News Daily, which also reported a rolling 12-month total above one million cases by April 2023. The company says annual sales passed one million nine-litre cases in 2023. This piece found no independently reported figures for 2024 or 2025.
