Seasoned sales and marketing executive and entrepreneur brings significant experience in creating and growing new adult beverage brands
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW), one of the fastest-growing wine producers in the U.S. with an industry leading direct-to-customer platform, announced the launch of NexDrinx, a new product line initiative focused on the development, marketing and sales of alternative beverage products.
“We believe alternative beverages share many synergies with wine, and developing a product category adjacent to our wine business presents an opportunity for further growth with diversification. While we will always be a wine company first and foremost, by leveraging our operational expertise across new categories, we believe we are building greater value as an enterprise,” said Pat Roney, CEO and Founder of Vintage Wine Estates. “NexDrinx creates a product line category exclusively devoted to developing brands in the alternative beverage space that encompasses alternative packaging, flavors and infusions, non-alcohol, low-alcohol, and CBD infused beverages.”
The cutting-edge operation will be led by Tracey Mason, in the role of SVP/General Manager.
Ms. Mason has successfully created, marketed and sold innovative products in the CPG and adult beverage sectors for over 25 years, with leadership roles in innovation, sales and marketing including most recently as Chief Strategy and Innovation Officer at CannaCraft and CEO of the award-winning, luxury-infused wine from House of Saka. She has created and grown brands for Diageo, Treasury Wine Estates, Epic Wines, Purple Wine and Spirits, as well as the Clos du Val Winery.
The NexDrinx portfolio will be anchored by ACE Cider, which was acquired by VWE in November 2021. Plans are to launch new, alcohol-removed, hemp-CBD-infused ACE cider products in the latter half of 2022 leveraging ACE product development and production capabilities as well as its channels to market. In addition, Vintage Wine Estates has acquired intellectual property rights to the women-focused, low-calorie, botanical and cannabinoid-infused sparkling beverage brand, Gem + Jane, from CannaCraft. Launched in 2021, Gem + Jane was previously available only at licensed cannabis dispensaries. The company intends to reformulate Gem + Jane as a hemp CBD and adaptogen-infused product to allow for national retail distribution. House of Saka, co-founded by Ms. Mason in 2018, will also merge into the NexDrinx portfolio, offering a range of ultra-premium, alcohol-free wines and ready-to-drink beverages from Napa Valley.
About Vintage Wine Estates, Inc.
Vintage Wine Estates is a family of wineries and wines whose mission is to produce the finest quality wines and provide incredible customer experiences with wineries throughout Napa, Sonoma, California’s Central Coast, Oregon and Washington state. Since its founding 20 years ago, the Company has grown to be the 15th largest wine producer in the U.S. selling more than two million nine-liter equivalent cases annually. To consistently drive growth, the Company curates, creates, stewards and markets its many brands and services to customers and end consumers via a balanced omni-channel strategy encompassing direct-to-consumer, wholesale and exclusive brand arrangements with national retailers. While VWE is diverse across price points and varietals 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 with the majority of brands selling in the $10 to $20 price range. The Company regularly posts updates and additional information at www.vintagewineestates.com.
Certain statements contained in this press release are “forward-looking statements” within the meaning of applicable U.S. and Canadian securities laws. Forward-looking statements are all statements other than those of historical fact, and generally may be identified by the use of words such as “believe,” “estimate,” “project,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “continue,” or other similar expressions that indicate future events or trends. These forward-looking statements include, but are not limited to, the ability of the Company to execute its strategy to drive growth, strengthen profitability and deliver value. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of VWE. Actual events and circumstances may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the results expressed or implied by such forward-looking statements include those discussed in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021 and other reports filed from time to time with the SEC. We caution and advise readers not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as may be required by law.