The SEC filing said Winc plans to grow organically and through more acquisitions - like the one with Natural Merchants - in the fragmented wine industry. The distributor paid $13 million for Natural Merchants, an Oregon-based purveyor and importer of organic and biodynamic wines from Europe. The company reported about 120,000 members as of June 30 and a wholesale presence that serviced more than 7,700 retail accounts in 2020, the filing adds. Over the past two years, the company has grown by 80% in case volume sold, though, with the sale of more than 430,000 cases in 2020, the SEC filing states. The company has generated its revenue mainly from its five core wine brands, including Summer Water, Wonderful Wine Co., Lost Poet, Folly of the Beast, and Chop Shop. In its 2021 third quarter, Winc estimates unaudited losses as high as $6 million on total revenue of $18.6 million, versus an actual loss of $1.3 million on revenue of $14.5 million in the same year-ago quarter.
In 2020, it reported a loss of $7 million on revenue of $64.7 million, versus a loss of $8 million on revenue of $36.4 million in 2019. Winc has had some financial challenges, however.
The company filed confidentially on July 2 and said it plans to offer 5.75 million shares priced between $14 and $16 a share. 13, plans to list on the New York Stock Exchange under the symbol WBEV. The company was founded in 2011 and grew revenues for the first six months of 2021 by more than 20.4% compared with the same period in 2020, mainly due to the pandemic and workplace restrictions that kept people working out of their homes, according to the SEC filing. Santa Monica-based Winc Inc., which produces and distributes wine in the United States, has filed with the Securities and Exchange Commission to raise up to $92 million in an initial public offering.
0 kommentar(er)
