VWE to Acquire DTC Platform Vinesse

Dear Client: Vintage Wine Estates announced today it is acquiring "substantially all of the assets" of direct-to-consumer platform Vinesse for $14 million in cash with a $2.5 million earnout over a three-year period subject to meeting certain revenue and profitability conditions, per a release. Vinesse was founded in 1993, and has accrued 60,000 members to its DTC platform specializing in wine clubs, with about $20 million in revenue. Current Vinesse owner, Larry Dutra, is expected to remain with the company to help