Lucas Bols N.V., a leading global cocktails and spirits player (“Lucas Bols”), today announces the acquisition of the Nuvo Sparkling Liqueur brand (“Nuvo”) from the US based London Group LLC. The purchase price of $5.7 million will be paid in cash.

The strategic partnership agreement reached in December 2017 included a put and call option. The put option was exercised by the London Group early in June 2023. The purchase price of $5.7 million was determined with reference to the financial performance of the 22/23 fiscal year. For the past 5 years the Nuvo business was already part of the consolidated Lucas Bols reporting. During this period an annual commission of 60% of contribution after Advertising and Promotion expenses was paid to the London Group. By acquiring the brand this commission payment is no longer required as a consequence of which the profitability of the Nuvo brand for the Lucas Bols Company improves by the same amount.

Nuvo is a pink sparkling liqueur brand made of vodka, sparkling wine and a blend of fruit nectar. Nuvo is mostly consumed chilled on the rocks or sometimes mixed with tequila, vodka or champagne. The brand has been successfully managed and distributed by the Lucas Bols Company since 2018, with primary focus on the USA as well as selected markets in Latin America.

The acquisition of the Nuvo brand fits well in the growing aperitif moment of consumption and with its super premium positioning it contributes to the premiumization of our portfolio.