Vintage Wine Estates had revenue of $189.9 million in fiscal 2020, ended June 30, but posted a $9.7 million loss, largest caused by $15.4 million of interest expense (up from $5.6 million in calendar 2017) and “other non-operating items” of $11.97 million, up from $15.61 million on Dec. 31, according to an offering statement filed with the Securities & Exchange Commission for the acquisition of VWE by Bespoke Capital Acquisition Corp. (BCAC), a publicly-traded special purpose acquisition company led by former Diageo CEO Paul Walsh.
The filing follows an announcement on Feb. 4 that BCAC had agreed to acquire Vintage Wine Estates. Upon closing, the combined company will be named Vintage Wine Estates, Inc. Its common stock will remain listed on the Nasdaq Global Market under the new ticker symbol “VWE” and on the Toronto Stock Exchange under the symbol “VWE.U”. The warrants will remain listed on the TSX under “VWE.WT.U”.
According to the SEC filing, VWE control about 900 acres of planted vineyards, nine winery estates and leases three estates, all on the West Coast. About 30% of VWE’s revenue comes from direct-to-consumer sales, 41% from wholesale and 29% from private label, custom crush and production services. VWE is “committed to making wine accessible at every price point,” the filing says.
VWE’s margin was 16% in 2015, but is projected to hit 25-30%, the statement says.