- Wasatch will allocate US$100 million to Bespoke Capital (BC.U) and Vintage Wine Estates via private placement
- Wasatch will receive common shares at US$10 per share, Bespoke’s IPO price
- The proceeds will help to further Vintage Wine Estates’ acquisition strategy
- The investment is subject to the closing of the BCAC-VWE business combination
- Vintage Wine Estates is a family of wineries in Napa, Sonoma, California’s Central Coast, Oregon and Washington State
- Bespoke Capital Acquisition Corp. is a US$360 million special purpose acquisition corporation
- Bespoke Capital (BC.U) is up by 0.6 per cent and is currently trading at US$10.10 per share
Wasatch will allocate US$100 million to Bespoke Capital (BC.U) and Vintage Wine Estates via private placement.
Wasatch will receive common shares at US$10 per share, Bespoke’s IPO price, subject to the closing of the BCAC-VWE business combination.
Benefits from Wasatch’s investment:
- Significant incremental capital to support Vintage Wine Estates’ acquisition strategy. Vintage Wine Estates believes U.S. wine industry conditions are increasingly positive for synergistic acquisitions
- A cornerstone institutional investor in Wasatch
- Attractive investment terms for existing Vintage Wine Estates and Bespoke Capital shareholders considering the agreed-upon US$10 share purchase price
On February 4, 2021, Bespoke Capital announced a definitive agreement to combine with Vintage Wine Estates. At that time, Wasatch invested US$28 million in common equity.
The combined company will be named Vintage Wine Estates.
Its common stock will be listed on the TSX under the symbol VWE.U. The warrants will be listed on the TSX under VWE.WT.U.
Bespoke Capital is hosting its shareholder meeting on Thursday, May 6, 2021.
Pat Roney, founder and CEO of Vintage Wine Estates, commented,
“This investment bolsters the capital available to us to capitalize on growth opportunities we see. We are pleased to partner with Wasatch and look forward to working with them, BCAC and our other new investors in executing on our strategy.”
Vintage Wine Estates is a family of wineries in Napa, Sonoma, California’s Central Coast, Oregon and Washington State. The company sells more than two million nine-liter equivalent cases annually.
Bespoke Capital Acquisition Corp. is a US$360 million special purpose acquisition corporation.
Bespoke Capital (BC.U) is up by 0.6 per cent and is currently trading at US$10.10 per share as of 10:58 am ET.