Lucas Bols buys Nuvo liqueur for $5.7m
Dutch drinks group Lucas Bols has purchased sparkling liqueur brand Nuvo from New York-based London Group for US$5.7 million.
Lucas Bols initially entered into a ‘strategic partnership’ with London Group for Nuvo liqueur in December 2017, giving the Dutch firm the opportunity to buy the brand in full through a put and call option.
Lucas Bols decided to buy the vodka-based brand in June 2023.
Nuvo is a pink sparkling liqueur made with French vodka, sparkling wine, and a blend of fruit nectar. It is mainly consumed over ice or mixed with Tequila, vodka or Champagne.
The brand has been distributed by Lucas Bols since 2018, with a focus on the US and select markets in Latin America.
Lucas Bols said the acquisition taps into the ‘growing apéritif moment’ and helps the company to premiumise its portfolio due to the brand’s super-premium positioning.
The sale price was based on the brand’s financial performance in the 2022/2023 full year. Nuvo’s sales have been included in Lucas Bols’ financial reporting for the past five years.
Raphael Yakoby, founder of London Group, created Nuvo in 2007. Yakoby also founded blue liqueur brand Hypnotiq in 2001, a liqueur made from vodka, Cognac and juices, which he sold to Heaven Hill Distilleries for US$60m.
The Nuvo range also includes a ready-to-drink canned Spritz, made with French vodka and rosé wine from Provence.