$128 million instead of $28 million: Investment firm Wasatch Global Investors has announced it is more than tripling its planned investment in Santa Rosa-based US wine company Vintage Wine Estates (VWE). This was announced by Vintage Wine Estates together with its future partner, the acquisition company Bespoke Capital Acquisition Corp.
In February, Wasatch had first announced its plan to put $28 million into VWE. The additional $100 million investment is to be in the form of common shares at $10 per share.
Also in February, VWE and Bespoke Capital had made their merger plans public. The company will continue to be called Vintage Wine Estates, Inc. A decision is expected to be made in early May. The combined enterprise value of VWE with Bespoke Capital is estimated at $690 million.
The additional investment from Wasatch will be used by the future company to continue to grow. VWE has acquired 20 wineries in the last ten years, located in Napa, Sonoma, California's Central Coast, Oregon and Washington State. These include, for example, Qupé on the Central Coast, Viansa Sonoma and Girard from Napa Valley.
VWE sells more than 2 million nine-litre cases annually. The more than 50 brands retail between $10-$150, with the majority in the $12-$20 price range, according to the company. aw