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.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.