Duckhorn Acquired by Butterfly Equity at $1.95 Billion
By Karen Roman
Winemaker The Duckhorn Portfolio, Inc. (NYSE: NAPA) said it will be taken private in an all-cash deal worth $1.95 billion by Butterfly Equity, in a transaction expected to conclude this winter.
The private equity firm agreed to buy Duckhorn at $11.10 per share which is more than double its $5.40 closing price last Friday, it said in a statement. The transaction includes a 45-day go-shop period and is subject to shareholder and regulatory approval.
Duckhorn went public in 2021. The company’s shares will delist from the New York Stock Exchange after the closing of the deal, according to the announcement.
Duckhorn also reported net sales increased 7.3% in the fourth quarter to reach $107.4 million, and adjusted EBITDA surged 16.7% at $39.9 million.
“We are pleased to conclude fiscal 2024 with a solid fourth quarter performance,” said Deirdre Mahlan, Duckhorn’s President and CEO. “We meaningfully advanced our strategic agenda in fiscal 2024, delivering strong operating and financial performance against a dynamic backdrop, including the strategic acquisition of Sonoma-Cutrer.”
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