Benzinga | Apr 2, 2021 11:11AM EDT

Vintage Wine Estates CEO, Bespoke Capital Partner Talk SPAC Deal: 'A Perfect Marriage'

Vintage Wine Estates founder and CEO Pat Roney and Mark Harms, co-managing partner of Bespoke Capital, appeared for an exclusive interview on Benzinga's "SPACs Attack" show Thursday.

Vintage Wine Estates is set to go public via the special purpose acquisition company Bespoke Capital Acquisition Corp. (NASDAQ:BSPE)

Vintage Wine's CEO On The Business: The wine industry generates $45 billion in sales annually in the United States alone. Vintage Wine Estates is a $200-million company in the premium segment of the wine business, Roney told Benzinga.

Twenty-nine percent of its net revenue comes from the direct-to-consumer model, 33% comes from business-to-business and 38% comes from wholesale, he said.

"We have over 50 brands. We have grown on our top line over the last 10 years. We are a highly profitable company and we continue to look to grow the business," Roney said.

Harms On SPAC Deal: Vintage Wine Estates was a perfect acquisition because the company's business model fits with Bespoke Capital's model, Harms said.

"We love the business in terms of its market position," he said. "We can add a lot of value to the business. We know a lot about supply chain and we know potential targets. It was really a perfect marriage."

What's Next For Vintage Wine Estates: Vintage Wine Estates plans to do two to three acquisitions per year, Roney said, adding that this will create great value for the company and its shareholders.

If approved by the shareholders, the companies expect to close on the merger by May. At that time, the ticker symbol will change to "VWE."