News Briefs for March 18, 2021March 18, 2021
•St. Helena, California-based Duckhorn has announced the pricing of its initial public offering of 20,000,000 shares of its common stock to the public,with 13,333,333 shares being offered by Duckhorn and 6,666,667 shares being offered by its existing stockholder at a public offering price of $15 a share, right in the mid-range of its previously announced guidance. The shares are expected to begin trading on the New York Stock Exchange today under the ticker symbol “NAPA.” The offering is expected to close on March 22.
•Massachusetts-based distributor Martignetti Companies has announced that Mark Fisher, president of sales and marketing, will retire effective October 1. Fisher’s retirement comes after four decades in the beverage alcohol industry, including serving as Martignetti’s president of sales and marketing since 2006 when the company merged with United Liquors. Prior to the merger, he was United’s president and COO. Martignetti has begun its search for Fisher’s replacement.
•Accolade Wines has acquired Rolf Binder Wines in Australia’s Barossa Valley. The Rolf Binder portfolio includes 21 wines retailing between $20 and $125, and including wines such as Bulls Blood and Hanisch Shiraz. The company has 101 hectares (250 acres) of vineyards and a winery. Accolade, owned by The Carlyle Group, has annual volume of 38 million cases and brands including Grant Burge, St Hallett, Petaluma, Banrock Station, and Katnook.
•Beam Suntory has announced an $8.3 million restoration and upgrade project for the Glen Garioch single malt distillery in Oldmeldrum, Scotland. The project began last year and will reduce the distillery’s carbon footprint amid a return to more traditional production processes. The upgrade will reintroduce floor maltings and direct-fire heating to the distillery’s wash still. Upgrades will be completed shortly and the first new make will come off the upgraded stills this year. The Glen Garioch portfolio includes the flagship non-age-statement Founder’s Reserve and 12-year-old releases, alongside a series of vintage dated whiskies.
•Luxco has announced the latest release in the Blood Oath Bourbon whiskey series: Pact 7. The 49.3% abv whiskey is blended from a 14-year-old and two 8-year-old Bourbon whiskies, with one of the 8-year whiskies finished in Sauternes casks. Roughly 17,000 cases of the whiskey will roll out across the U.S. in April for a suggested price of $100 a 750-ml. MGP Ingredients recently purchased Luxco for $475 million, with Luxco CEO and chairman Donn Lux joining MGP’s board of directors.
•White Claw has unveiled a new hard seltzer iced tea. Made with brewed tea, the newcomer is gluten-free, has 100 calories and is at 5% abv, in line with the rest of the White Claw portfolio. It’s rolling out nationally in a variety 12-pack featuring four flavors: lemon, raspberry, mango, and peach. Mark Anthony’s White Claw leads all seltzer brands by a wide margin, as it registered dollar sales of $1.85 billion (+142%) in IRI channels in the first 11 months of 2020.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.