You hardly ever see Jay Z without a bottle of Ace of Spades and now we know why, big moves were being made.
Jay-Z bought the interest in Armand de Brignac (Ace of Spades) held by Sovereign Brands, a New York-based wine and spirits company. He now owns a huge chunk of the brand. According to the NY Post, “Ace of Spades’’ generates annual revenue of $13.5 million and using an industry multiple of 2.1 times sales would make Armand de Brignac worth $28.3 million.
So far we don’t know how much Jay Z shelled out for stake in the company but according to Sovereign, it was an offer they couldn’t refuse.
