The Duckhorn Portfolio, which produces and distributes luxury wine in North America, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal that we estimate could raise up to $300 million.
Based in Napa Valley, Duckhorn produces and sells a portfolio of luxury wines in all 50 states and over 50 countries at prices ranging from $20 to $200 per bottle, distributing brands that include Duckhorn Vineyards, Decoy, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Canvasback, Greenwing and Postmark. The company also operates eight state-of-the-art wineries and 22 sustainably farmed Estate vineyards, that span a total of 843 acres. According to IRI, The Duckhorn Portfolio is the largest pure-play luxury wine supplier and the eleventh largest wine supplier by sales value overall in the US for the twelve months ended October 4, 2020.
The Saint Helena, CA-based company was founded in 1976 and booked $290 million in sales for the 12 months ended October 31, 2020. It plans to list on the NYSE under the symbol NAPA. The Duckhorn Portfolio filed confidentially on December 18, 2020. J.P. Morgan, Credit Suisse and Jefferies are the joint bookrunners on the deal. No pricing terms were disclosed.
