SANTA ROSA, Calif.–(BUSINESS WIRE)–Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”) today announced the appointment of Steven Strom to its Board of Directors, as of March 28, 2024. As an independent director, Mr. Strom will serve as the Chair of the Finance Committee, which also includes Robert L. Berner III, Mark Harms, Jon Moramarco and Patrick Roney.
“We are excited to add Steven’s significant experience in completing challenging financings and financial restructurings to our Board. We believe his deep experience in these areas will be especially valuable during this critical time as we continue negotiations with our lenders and make progress with monetizing assets,” commented Seth Kaufman, President and CEO of Vintage Wine Estates. “Steven is joining our Board at an opportune time as we accelerate our journey to simplify the VWE business model and focus on a sustainable core of Super Premium+ priority brands. Steven and the Board recognize the opportunity VWE has to divest non-core assets, improve underlying financial performance, consistently generate cash, and better support a portfolio of strong wine and cider brands with a truly omnichannel business model. We look forward to the contributions Steven will make as we continue to execute against our turnaround plan.”
Mr. Strom noted, “I have supported many companies through similar efforts to divest assets, simplify business models, and deliver sustainable financial restructurings. I believe underlying VWE are both solid assets and a strong team of people executing a viable transformation plan. I could not be more excited to partner with Seth and the Board to advance the transformation at Vintage Wine Estates.”
Mr. Strom has more than 30 years of experience as an investment banker, board member, and investor working with companies focused on challenging financings, financial restructurings, M&A, operating performance improvement, and other situations involving complex negotiations. Mr. Strom is currently CEO of Odinbrook Global Advisors, an independent advisory firm, and has previously held a range of leadership positions in the financial services industry, including Global Group Head/Managing Director of the Restructuring Group at Jefferies LLC. He began his career in the Investment Banking division of Chemical Bank (now JPMorgan Chase & Co.) and earned a B.A. in Business from Arizona State University and a M.B.A. from the University of Michigan.
About Vintage Wine Estates, Inc.
Vintage Wine Estates brings to market a unique portfolio of cider and Super Premium+ wines at $15+ per bottle. The Company focuses on building enduring and differentiated brands that resonate with consumers to generate increasing organic demand in the U.S. It leverages brand-affiliated wine clubs, tasting rooms, and owned ecommerce sites in conjunction with deep wholesale relationships to offer consumers a holistic, omnichannel experience. VWE’s ambition is to be one of the fastest growing players in the branded wine space with best-in-class profitability and consistent cash generation to create value for all stakeholders. The Company is doubling down on a culture that is uniquely consumer-centric and intensely data-driven in service of over fifteen core wine brands spanning approachably priced lifestyle labels and high-scoring premium brands.
Steven Strom
CEO Odinbrook Global Advisors
[email protected]
203-918-4500