Diageo Takes Majority Ownership Stake in NUVO
Diageo Takes Majority Ownership Stake in NUVO
Jun 29, 2010 6
Following on the tremendous success of NUVO, the ultra-premium, imported pink sparkling liqueur, Diageo, the world's leading premium drinks company, announced today that it has increased its ownership interest in London Group, the joint venture that owns NUVO, making Diageo the majority partner with a stake of approximately 70 percent.
In April 2007, Diageo made a minority investment to launch NUVO with Raphael Yakoby, a New York entrepreneur who previously developed the Hpnotiq brand. In three short years, NUVO has experienced tremendous growth and is today a 250,000 case brand that retails between $27 to $30 for a 750ml bottle.
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