It began trading yesterday on the Nasdaq Global Market under the symbol “VWE” after it merged with Bespoke Capital Acquisition Corp., a special purpose acquisition company (SPAC). It had an initial market capitalization of $617.9 million.
In connection with the merger and related private placement, VWE and certain of its shareholders will receive approximately $306 million in cash proceeds.
The funds received by the Company are expected to be used to expand and accelerate its proven growth strategy, driven by a combination of acquisition led and organic growth, across a well-balanced omni-channel model encompassing direct-to-consumer, wholesale and exclusive brand arrangements with national retailers.
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.
“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. Through the transaction with Bespoke, we were able to use a more controlled entry to access the public markets, and we believe the capital gained from the transaction will allow VWE to scale and maximize our profitability for all stakeholders. We are excited to continue on our impressive track record and will continue to capitalize on the opportunity the highly fragmented and rapidly growing U.S. wine industry presents.”
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.