The company will use the proceeds from this private placement to fund a majority of the cash portion of a previously announced acquisition of a portfolio of wine brands, including Silver Oak, Antinori, and Marchesi di Barolo, from Vintage Wine Estates. The portfolio of wine brands has a retail value of $1 billion, and is expected to generate up to $350 million of revenue annually.

Wasatch Advisors, Inc. (OTCQB: WSSH) today announced that it has entered into an agreement to invest $100 million in Bespoke Capital Acquisition Corp. and Vintage Wine Estates, Inc., two publicly traded companies in which Wasatch is a significant shareholder.

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TORONTO and SANTA ROSA, CA, 23. April 2021. (GLOBE NEWSWIRE) – Bespoke Capital Acquisition Corp. (NASDAQ: BSPE) (TSX: BC.WT.U) (BCAC or Bespoke) and Vintage Wine Estates (VWE), one of the fastest growing wine producers in the United States with breakthrough direct-to-consumer technology. Wasatch Global Investors (Wasatch) announced today that it will increase its current investment in the combined BCAC-VWE (the Company) by $100 million, from the $28 million announced in February 2021, to a total of $128 million. The new investment will be in the form of common shares of the company at $10 per share, the same price as Bespoke’s initial public offering. The investment is conditional on the completion of the BCAC-VWE business combination.

An investment in Wasatch’s offerings:

  • Substantial additional capital to support VWE’s acquisition strategy. VWE has successfully acquired 20 wineries over the past 10 years and believes that conditions in the U.S. wine industry are becoming increasingly favorable for synergistic acquisitions.
  • A major institutional investor in Wasatch.
  • Attractive investment terms for current VWE and BCAC shareholders as this is a PIPE investment at $10.00 per common share.

On the fourth. In February 2021, BCAC announced a definitive merger agreement with Vintage Wine Estates. Wasatch then invested $28 million in common stock. The combined company will be called Vintage Wine Estates, Inc. The common shares will continue to be listed on the Nasdaq Global Market under the new symbol VWE and on the TSX under the symbol VWE.U. The warrants will continue to be listed on the TSX under the symbol VWE.WT.U. CAVCO will host the event on Thursday, June 6. May 2021, a shareholders’ meeting.

Pat Roney, founder and CEO of Vintage Wine Estates, explains: These investments increase the capital available to us to take advantage of the growth opportunities we see. We are excited to partner with Wasatch and look forward to working with them, BCAC and our other new investors on our strategy.

About Bespoke Capital Acquisition Corp.

Bespoke Capital Acquisition Corp – is a special purpose entity listed on the Nasdaq and TSX, valued at $360 million. Bespoke is led by Chairman Paul Walsh (former CEO of Diageo) and an experienced team of managers, operators and investors who have been instrumental in building and growing private and publicly traded consumer companies, both organically and through acquisitions, to create shareholder value. For more information, see https://www.bespokespac.com/.

About Vintage Wine Estates, Inc.

Vintage Wine Estates is a family of wineries and winemakers focused exclusively on producing the highest quality wines and providing incredible guest experiences at wineries in Napa, Sonoma, Central Coast California, Oregon and Washington. Since its founding 20 years ago, the company has grown organically and through acquisitions to become one of the top 15 wine producers in the United States and now sells more than 2 million nine-liter cases annually. To achieve this growth, the company selects, builds, manages and sells its many brands and services to customers and consumers through a balanced omnichannel strategy that includes direct to consumer delivery, wholesale and exclusive agreements with national retailers. VWE is diverse in price and variety, with over 50 brands selling between $10 and $150, most of which are sold in the $12 to $20 price range. For more information, please visit https://www.vintagewineestates.com/.

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