Pryor Cashman client Heritage Distilling Holding Company will go public via a SPAC merger agreement with Better World Acquisition Corp. in a deal with a pro forma enterprise value for the combined company of $122.2 million (assuming no redemptions by Better World stockholders).
Heritage Distilling is a leading craft distiller of innovative premium brands; Better World is an ESG-focused special purpose acquisition company. The merger is expected to close in in Q2 2023.
In a statement about the merger, Better World says:
As a result of the business combination, Heritage expects to become one of the only publicly-traded, pure play craft distilleries. The proposed transaction combines Heritage's brands with Better World's consumer products and beverage expertise. Better World brings marketing, finance and capital markets experience that the parties believe will accelerate the growth of Heritage's business.
In the statement, Heritage co-founder and CEO Justin Stiefel, who will lead the newly formed Delaware holding company that expects to trade on Nasdaq as "CASK," said:
"Heritage was built on a foundation of innovation, which has enabled us to become one of the most awarded craft spirits distilleries in North America today. Our goal is to become the industry's leading craft spirits distillery with a national distribution footprint...The collective strength of Heritage's and Better World's experience in beverages and business development will strongly support our expansion and financial growth. We are excited about the opportunity to grow our business as a public company, with access to the capital markets and additional balance sheet strength as a result of this transaction."
Heritage was represented in the deal by Pryor Cashman lawyers Ali Panjwani, Eric Hellige, Matthew Young, Taylor Weinstein, Eric Wisotsky, Marissa Higdon, and Jens Thomsen.
Read the full statement from Heritage using the link below.
Resources
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
