News Briefs for November 12, 2021November 12, 2021
•California wine company Winc has kicked off its IPO, aiming to raise about $22 million. The company’s offering—1,692,308 shares at $13 each—went live on the New York Stock Exchange yesterday. Winc expects the IPO to end on November 15, subject to closing conditions. The offering is being handled by Spartan Capital Securities LLC and Revere Securities LLC, and the underwriters have the option to purchase 253,846 additional shares in the next 45 days to cover over-allotments. Winc, a wine producer with a strong DTC presence, currently has 120,000 monthly members and also works in 7,700 accounts through the three-tier system. For 2020, the company’s volume was 430,000 cases.
•Savage & Cooke, the Mare Island, California distillery from Dave Phinney, has launched its winter seasonal whiskey: Bad Sweater. The whiskey is a blend of four-year-old Bourbon with cinnamon, nutmeg, clove, cacao nibs, and vanilla bean, and bottled at 40% abv. This year’s edition, the third, features a sweater draped around the bottle’s shoulders. It’s available through December for $38 a 750-ml.
•Monterey County, California-based Scheid Family Wines has hired Sylvia Bronson as its first CMO. She joins from Constellation Brands where she most recently served as director of brand marketing for labels including Kim Crawford and Robert Mondavi Private Selection. She’s also held marketing positions at Bently Heritage Estate Distillery and E.&J. Gallo Winery. At Scheid Family, Bronson will be responsible for expanding market share of the winery’s portfolio, which includes Sunny with a Chance of Flowers, District 7, and Ryder Estate, among others.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.