Source: Shaken Daily
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.
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Follow this link to read more about Nuvo being put up for sale.