Nuvo Liqueur Put Up For SaleJuly 9, 2013
Nuvo, the French sparkling liqueur brand that was majority-owned by Diageo until recently, has been put on the block, according to press reports. U.K. investment bank Houlihan Lokey has been tapped to sell Nuvo, in a deal that’s valued at around $50 million.
Nuvo was launched in 2007 by New York entrepreneur Raphael Yakoby, who also developed the Hpnotiq brand. Diageo took a minority interest in Nuvo’s owner, Yakoby’s London Group, that same year, and in 2010 the spirits giant raised its stake to a controlling 70%. However, last month Diageo sold its ownership stake in Nuvo back to Yakoby.
Nuvo, which generally retails for around $25 a 750-ml., sold roughly 210,000 cases in 2012, with nearly 60% of its sales occurring in North America. Potential suitors, which are said to include several major spirits companies, have received information on the upcoming sale in recent days, according to Reuters.