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Foley, Jones Day, Guide Vintage Wine Estates’ SPAC Deal

Feb. 8, 2021, 11:56 AM

Jones Day and Canadian firm Blake, Cassels & Graydon are advising Bespoke Capital Acquisition Corp. on its go-public merger with Vintage Wine Estates.

Foley & Lardner and Canadian firm Stikeman Elliott are advising Santa Rosa, Calif.-based Vintage Wine Estates.

Vintage Wine, founded two decades ago, has averaged 20% annual revenue growth, selling nearly 2 million nine-liter equivalent cases annually in the U.S., Bespoke, a special purpose acquisition company, said in a statement.

“The company represents a unique and compelling investment opportunity,” said Paul Walsh, Bespoke’s executive chairman. The SPAC said it evaluated over 100 companies before deciding on Vintage Wine.

The combined company, Vintage Wine Estates Inc., is to be listed on the Nasdaq exchange and have an estimated enterprise value of about $690 million and no net debt, according to the statement.

The new company aims to accelerate a growth strategy of selling direct-to-consumer, wholesale, and through exclusive brands arrangements with national retailers. It sells varietals with over 50 brands ranging from $10 to $150 retail but focuses on the best-selling $12 to $20 segment.

Before the deal’s closing, funds linked to Wasatch Global Investors acquired a $28 million stake in Vintage Wine from existing shareholders, the statement said.

To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
To contact the editor on this story: Chris Opfer in New York at copfer@bloomberglaw.com
John Hughes in Washington at jhughes@bloombergindustry.com

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