The Duckhorn Portfolio’s $300 Million Initial Public Offering

Latham & Watkins LLP represented the underwriters in the offering.

The Duckhorn Portfolio, Inc. (Duckhorn), a premier producer of luxury wines in North America, priced its initial public offering of 20 million shares of its common stock to the public, with 13,333,333 shares being offered by Duckhorn and 6,666,667 shares being offered by its existing stockholder at a public offering price of US$15 per share. The shares began trading on the New York Stock Exchange on March 18, 2021 under the ticker symbol “NAPA.”

J.P. Morgan, Credit Suisse and Jefferies acted as joint lead book-running managers and as representatives for the proposed offering. Barclays, BofA Securities, Citigroup, Evercore ISI and RBC Capital Markets also acted as book-running managers for the proposed offering. Academy Securities, Ramirez & Co., Inc. and Siebert Williams Shank also acted as co-managers for the proposed offering. 

The Duckhorn Portfolio is the premier producer of luxury wines in North America. The acclaimed Duckhorn Portfolio includes Duckhorn Vineyards, Decoy, Paraduxx, Goldeneye, Migration, Canvasback, Calera and Kosta Browne, each with its own dedicated winemaker.

Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by New York Partners Marc Jaffe (Picture) and Ian Schuman, with New York/Houston associate John Slater and New York associates Andrew Weitzel and Matthew Schlanger. Advice was also provided on benefits and compensation matters by New York partner Jennifer Pepin, with New York associate Shira Mendelsohn; on tax matters by New York partner Gregory Hannibal, with New York associate Ron Moore; on data privacy and intellectual property matters by New York partner Jeffrey Tochner, with Boston associate Deborah Hinck and New York associate Max Miroff; and on environmental matters by New York partner Gary Gengel, with New York associate Ben Einhouse.

Involved fees earner: Benjamin Einhouse – Latham & Watkins; Gary Gengel – Latham & Watkins; Gregory Hannibal – Latham & Watkins; Deborah Hinck – Latham & Watkins; Marc Jaffe – Latham & Watkins; Max Miroff – Latham & Watkins; Ronald Moore – Latham & Watkins; Jennifer Pepin – Latham & Watkins; Matthew Schlanger – Latham & Watkins; Ian Schuman – Latham & Watkins; John Slater – Latham & Watkins; Jeffrey Tochner – Latham & Watkins; Andrew Weitzel – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Academy Securities; Bank of America Securities; Barclays Bank; Citigroup Global Markets Ltd; Credit Suisse; Evercore Inc.; J.P. Morgan Securities LLC; Jefferies; Ramirez & Co.; RBC Capital Markets; Siebert Williams Shank & Co. LLC;

Author: Martina Bellini