Wine business Truett-Hurst plans $43 million IPO
Wine business Truett-Hurst plans $43 million IPO
Apr 3, 2013 6(PressDemocrat) - Truett-Hurst, the fast-growing Healdsburg wine company, announced plans Wednesday to sell $32 to $42 million in stock in an initial public offering.
The company will offer 2.25 million shares of stock and its investors will sell 652,557 shares in the IPO, according to documents filed with the U.S. Securities and Exchange Commission.
The estimated price range for the initial public offering is $11 to $15 per share. Shares would be listed on the Nasdaq Capital Market under the symbol “THST.”
The company was launched in 2007 by CEO Phil Hurst and partners Paul and Heath Dolan and Bill Hambrecht.
It reported $12.6 million in sales for the fiscal year ending June 30, 2012, up from $5.4 million the previous year. It posted a profit of $26,462 last year, compared to a loss of $820,815 the previous year.
The company generates 85 percent of its sales from custom labels produced for three retailers: Trader Joe's, Safeway and Total Wine & More. It also sells wine under its Truett-Hurst, VML, Healdsburg Ranches and Bradford Mountain labels.
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