Vintage Wine Estates To Go Public, Valued At $690 Million

Santa Rosa, California-based Vintage Wine Estates (VWE) has announced a plan to merge with blank check company Bespoke Capital Acquisition Corp (BCAC) in a move that will result in VWE going public. The company is valued at $690 million, plus more than $50 million of potential deferred consideration. Also, prior to the merger agreement, which is expected to close by May 5, Wasatch Global Investors acquired a $28 million stake in VWE.

Bespoke Capital Acquisition Corp is led by former Diageo CEO Paul Walsh. He’ll become non-executive chairman of the merged company, which will continue to be known as Vintage Wine Estates, with founder and CEO Pat Roney continuing in that role. Bespoke is in the process of listing on the NASDAQ exchange.

Vintage Wine Estates has expanded markedly through more than 20 acquisitions over the past two decades, averaging 20% annual revenue and EBITDA growth since 2010. Volume is now at nearly 2 million cases across 50 brands retailing from $10-$150 a bottle, with the majority in the $12-$15 range. Its portfolio includes Girard Winery, Clos Pegase, Swanson Vineyards, B.R. Cohn, Viansa Sonoma, Cameron Hughes, Windsor Vineyards, Laetitia, and Layer Cake, among others. Vintage says it’s primed for further expansion with investments including a high-speed bottling line and a doubling of production capacity to 15 million cases.

“VWE’s well-diversified portfolio of high-quality brands spanning all price points and differentiated omnichannel marketing approach bring great balance,” said Walsh. “In addition, the company has a deeply experienced management team with a strong track record of synergistic deal-making, which, on top of impressive organic growth, should continue and will help drive profitable growth as well as enhance shareholder value over the long term.”

“This transaction will not only enable us to invest behind our brands to drive market share where necessary, but it will also fuel the next phase of our rapid growth in the U.S. wine industry,” Roney added.

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