Vintage Wine Estates acquires ACE Cider

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The leading brand expands its product portfolio and launches a new complementary sales channel, adds an independent craft cider brand with a heritage of more than 25 years of growth and innovation.

INCLINE VILLAGE, Nevada – November 15, 2021 – Vintage Wine Estates, Inc. (NASDAQ: VWE) (TSX: VWE.U) (TSX: VWE.WT.U) (“VWE” or the “Company”), one of the world’s fastest growing wine producers. fastest in the United States with a leading direct-to-customer sales platform, today announced the acquisition of ACE Cider, The California Cider Company, which is scheduled to close on November 16, 2021. The The first family-owned cider company in the United States and one of the fastest growing artisanal cider brands in the country, ACE produces nearly 90,000 barrels of cider per year.

“This strategic acquisition adds a line of innovative products to our RTD (ready to drink) category and gives us access to an important new sales channel for distribution, through which we hope to be able to push many of our brands,” commented Pat. Roney, CEO of VWE. “ACE is a great addition to our wine portfolio and its products are distributed through the beer channel, which provides a new growth opportunity for all of our RTD products. Importantly, this provides another platform from which we can grow by executing our strategy of consolidating highly fragmented offerings where we can leverage our production and marketing expertise to gain market share, capture more. customers and increase volume.

President and Founder Jeffrey House and his family have been producing premium artisanal cider since 1993. ACE is located in Sebastopol, California, near the heart of Sonoma County, an area renowned for its wine making and premium apple orchards . ACE offers a diverse and balanced product portfolio with award-winning and fruity ciders, no artificial ingredients, fewer calories and significantly less sugar (no added sugar) than average hard cider, a compelling advancement for hard salt consumers. ACE Pineapple is the world’s original pineapple cider and the best-selling fruit flavored cider in the United States. ACE hard ciders are certified gluten free and vegan.

The transaction will add more than one million cases to VWE’s annual sales volume. ACE currently has annual sales of over $ 20 million and has achieved a double-digit compound annual growth rate over the past five years.

Hailing from England, which boasts a long-standing and vibrant hard cider culture, founders Jeffrey and Angela House had a vision to bring this culture to America and grow the American hard cider industry. Mr. House was established in the US beer and cider industry until the founding of ACE Cider in 1993 as the first cider house in California. Mr. House, sons Jason House, vice president of production and operations, and Simon House, vice president of sales and marketing, will continue their involvement with ACE.

Financial and legal advisers
Cowen acted as financial advisor to ACE and Farella Braun + Martel acted as legal advisor.

About ACE Cidre

ACE Cider was founded in 1993 by Jeffrey and Angela House in Sebastopol, Sonoma County, as California’s premier hard cider producer, to bring the hard cider culture of their homeland, England, to the American consumer. . Today, ACE is the leading independent brand of hard ciders in the United States with an award-winning portfolio of low-alcohol, no-sugar-added fruit hard ciders and a commitment to craftsmanship and the spirit of tradition. hard cider. https://acecider.com

About Vintage Wine Estates, Inc.

Vintage Wine Estates is a family of wineries and wines with a mission to produce the finest quality wines and provide incredible customer experiences with wineries in Napa, Sonoma, California’s Central Coast, California, United States of America. ‘Oregon and Washington State. Since its founding 20 years ago, the company has grown into the 15e largest wine producer in the United States selling over two million equivalent nine-liter cases per year. To consistently drive growth, the company organizes, creates, manages and markets its many brands and services to customers and end consumers through a balanced omnichannel strategy encompassing direct-to-consumer, wholesale and exclusive branding agreements with national retailers. Although VWE is diverse in terms of price and varietal with over 50 brands ranging from $ 10 to $ 150 at retail, its primary focus is on the fastest growing premium segment of the wine industry, the majority of brands selling in the $ 10 to $ 20 price range. The Company regularly publishes updates and additional information on www.vintagewineestates.com.

Conference call and webcast

The company is hosting a conference call and live webcast today at 4:45 p.m. ET / 1:45 p.m. PT, to review its fiscal 2022 first quarter results and the ACE Cider acquisition. The review will be accompanied by a slide presentation, which will be available on the Company’s website at https://ir.vintagewineestates.com/. A question-and-answer session will follow the formal discussion.

The conference call can be accessed by dialing 201-689-8562. The listen-only audio webcast can be monitored athttps://ir.vintagewineestates.com/. To listen to the archived call, dial 412-317-6671 and enter passcode 13724707. Phone replay will be available from 7:45 p.m. ET / 4:45 p.m. PT on the day of the call until Monday. November 22, 2022 Alternatively, an archived webcast of the call can be found on the Company’s website. In addition, a transcript of the call will be posted on the website as it becomes available.

Forward-looking statements

Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements are all statements other than statements of historical fact, and can generally be identified by the use of words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “Future”, “intention”, “can”, “model”, “prospect”, “plan”, “pro forma”, “project”, “seek”, “should”, “will”, “would” or d ‘other similar expressions which indicate future events or trends. These forward-looking statements include, without limitation, the financial, operational and other benefits expected from the acquisition of ACE Cider. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of VWE management and do not constitute guarantees of actual performance. These forward-looking statements are provided solely to provide information currently available to us and are not intended to be used as and should not be construed by any investor as a guarantee, assurance or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ materially from those contained or implied by such forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of VWE. Factors that could cause actual results to differ materially from the results expressed or suggested by these forward-looking statements include, among others: the ability of the Company to remedy its material weakness in internal control over financial reporting and to maintain effective internal control over financial reporting, the effect of economic conditions on the industries and markets in which VWE operates, including financial market conditions, price fluctuations, interest rates and market demand ; risks related to the uncertainty of forecast financial information; the effects of competition on VWE’s future business; risks related to the organic and inorganic growth of VWE’s activities and the timing of expected business milestones; the potential negative effects of the ongoing COVID-19 pandemic on VWE’s business and the US economy; unanticipated declines or changes in consumer demand for VWE products; the impact of environmental disasters, natural disasters, disease, pests, weather conditions and inadequate water supply on VWE’s business; VWE’s significant dependence on its distribution channels; potential damage to the reputation of VWE brands from internal and external sources; possible reductions in the quality ratings of VWE wines; integration risks associated with recent acquisitions, including the acquisition of ACE Cider; changes in applicable laws and regulations and the significant expense for VWE to operate in a highly regulated industry; VWE’s ability to make payments on its debt; and factors discussed in VWE documents filed, or to be filed, with the United States Securities and Exchange Commission (“SEC”) or Canadian securities regulatory authorities. There may be additional risks, including other adjustments that VWE does not currently know or that VWE currently considers immaterial, which could also cause actual results to differ from those expressed or implied by these forward-looking statements. In addition, forward-looking statements reflect VWE’s expectations, plans or forecasts of future events and views as of the date and time of this press release. VWE assumes no obligation to update or revise any forward-looking statements contained in this document, except as required by law. Therefore, one should not place undue reliance on these forward-looking statements.

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