- Vintage Wine Estates Inc VWE has acquired all of the assets of Vinesse, LLC, a direct-to-consumer platform company specializing in wine clubs with over 60,000 members, for $14 million in cash.
- "We believe we can create significant cost synergies by bringing wine making and distribution in-house and marketing VWE's brand portfolio through their channels," said CEO Pat Roney.
- Vinesse owner Larry Dutra is expected to remain with the operations after the acquisition.
- The deal will be executed in cash with a $2.5 million earnout over three years based on specific revenue and profitability conditions.
- Price Action: VWE shares closed higher by 1.25% at $11.31 on Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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