Diageo now owns around 70% of Nuvos parent

Diageo now owns around 70% of Nuvo's parent

Diageo has upped its stake in London Group, its joint venture behind the Nuvo liqueur brand in the US.

The company confirmed today (29 June) that it will become the majority partner in the firm, which it owns with entrepreneur Raphael Yakoby, by holding around 70% of the alliance. Financial details behind the transaction were not disclosed.

Diageo made a minority – and unspecified – investment to launch Nuvo in the US back in April 2007. Today, the brand, which retails at around US$28 per bottle, shifts around 250,000 cases.

Yakoby will continue to head up the brand's marketing.

“Our venture with Raphael has proven to be very successful,” said Larry Schwartz, president of Diageo USA. “Given this, and the continued strong performance of Nuvo, we believe Raphael will be a valuable partner well beyond the Nuvo brand.”

Nuvo is a blend of vodka, sparkling wine, and fruit nectar, which is then carbonated.