US: Nuvo liqueur brand up for sale
Nuvo was launched in 2007
French liqueur brand Nuvo - majority-owned by Diageo until last month - has been placed on the market.
A source at the brand's owners London Group, previously a joint venture between Diageo and entrepreneur Raphael Yakoby, confirmed to just-drinks today (10 July) that the six year-old brand is for sale. Investment bank Holihan Lokey has been hired to handle the sale, in a deal that could fetch US$50m, according to Reuters.
Diageo made a minority – and unspecified – investment to launch Nuvo, a blend of vodka, sparkling wine, and fruit nectar, in the US in April 2007. The drinks giant upped its stake in London Group to around 70% in 2010.
However, the brand, whose majority of sales are in North America, is now back in the control of Yakoby. A Diageo spokesperson confirmed to just-drinks today that it "returned its ownership stake to The London Group and Rafael Yakoby last month".
A lemon sorbet variant of Novo was launched in November 2011.
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