- Vintage Wine Estates has completed its previously announced business combination with Bespoke Capital Acquisition Corp.
- The transaction was approved by BCAC shareholders at its meeting held on May 28, 2021, also obtained approval from VWE shareholders
- In connection with the merger and related private placement, VWE and certain of its shareholders will receive approximately $306 million in cash
- The funds received by the company will be used to expand and accelerate its growth strategy
- The combined company will be led by Pat Roney, CEO and founder of VWE, and retain VWE’s highly experienced management team, augmented by former Diageo CEO and Executive Chairman of BCAC, Paul Walsh, as non-executive Chairman
- Bespoke Capital Acquisition Corp. (TSX: BC.U) is up 1.36 per cent, trading at C$10.41 at 1:13 pm ET
Vintage Wine Estates has completed its business combination with Bespoke Capital Acquisition Corp. (TSX: BC.U) (TSX: BC.WT.U).
The transaction, which was approved by both VWE and BCAC shareholders results in the combined company being renamed “Vintage Wine Estates, Inc.” Its stock will commence trading on the Nasdaq Global Market under the new ticker symbol at the opening of trading on Tuesday, June 8, 2021.
The common stock and warrants are expected to be listed and posted for trading on the TSX under the new symbols VWE.U and VWE.WT.U, respectively, on Wednesday, June 9, 2021. Prior to that date, the common stock and warrants will continue to be listed and posted for trading under the current symbols BC.U and BC.WT.U, respectively.
In connection with the merger and related private placement, VWE and certain of its shareholders will receive approximately $306 million in cash.
The funds received by the company will be used to expand and accelerate its growth strategy, driven by a combination of acquisition-led and organic growth, across an omnichannel model encompassing direct-to-consumer, wholesale and exclusive brand arrangements with national retailers.
At closing, the company will have 60,461,611 shares outstanding, representing a market capitalization of $617.9 million based on the June 4, 2021 closing share price of $10.22.
The combined company will be led by Pat Roney, CEO and founder of VWE, and retain VWE’s highly experienced management team, augmented by former Diageo CEO and Executive Chairman of BCAC, Paul Walsh, as non-executive Chairman.
Key BCAC partners Rob Berner and Mark Harms have joined the Board of the combined company as non-executive directors alongside a strong group of independent directors including experienced wine industry executives and finance/legal executives with a focus on ESG and diversity.
Pat Roney remarked,
“This marks the completion of another significant milestone for VWE, and this is just the beginning of the Company’s growth as a publicly-traded company.”
Paul Walsh said,
“We are proud to bring a high-quality company like VWE, with its cutting edge direct-to-consumer platform, to the public markets. Vintage Wine Estates is positioned at the leading edge of the most rapidly growing parts of the wine industry.”
Vintage Wine Estates is a family of wineries and wines whose singular focus is producing the finest quality wines and incredible customer experiences with wineries throughout Napa, Sonoma, California’s Central Coast, Oregon and Washington State.
Bespoke Capital Acquisition Corp. (TSX: BC.U) is up 1.36 per cent, trading at C$10.41 at 1:13 pm ET.
