SAN FRANCISCO, Nov. 19, 2018 /PRNewswire/ -- Wine.com, the
nation's leading online wine retailer, today announced that it has
raised $32.5 million in debt and
equity financing from funds managed by Goldman Sachs Asset
Management's Private Credit Group ("GSAM PCG"). The capital will be
deployed to enhance Wine.com's customer experience, brand
awareness, and scale of the company's market-leading
infrastructure.
"We're delighted with our new partnership with Goldman Sachs
Asset Management," said Rich
Bergsund, Wine.com's CEO. "Their capital, expertise
and continuing support is a game changer for Wine.com as we
continue to capitalize on the unique opportunities in the online
wine business."
"We are proud to partner with a highly experienced management
team that has built a best-in-class ecommerce platform serving an
attractive demographic," said Matt
Singer from GSAM PCG. "Wine.com's track record of growth and
national scale creates a compelling platform and we are excited to
help accelerate the company's expansion. Our investment is
consistent with our strategy to partner with and provide long-term,
flexible capital solutions to high growth companies that
demonstrate unique and defensible business models."
Growth capital investments will include:
- Product Innovation – Mobile makes up over 30% of Wine.com's
revenue, and millennials make up one-third of its customers. The
company will continue to invest in features and services to help
customers discover the world of wine, with confidence.
- Marketing – Customers are becoming increasingly loyal, as
Wine.com earns their trust through world class selection and
service. With a target audience of 10 million consumers, the
company will invest in new channels and approaches to build brand
awareness and attract new customers.
- Infrastructure – Wine.com operates a proprietary, multi-node
fulfillment network, and will invest with the objective of enabling
order accuracy and timeliness at multiples of its current
scale.
About Wine.com
Wine.com is the nation's leading online wine retailer, offering
selection, guidance and convenience not found in brick and mortar
stores. The company provides its customers access to the world's
largest wine store, with live chat wine experts available 7 days a
week. With multiple distribution centers and the most sophisticated
retail wine fulfillment network in the
United States, Wine.com delivers in 1-2 days to most
addresses, offering date-certain delivery and the convenience of
shipping to 11,000 FedEx Office, Walgreens and affiliated local
pick-up sites. The company's popular StewardShip program
provides unlimited wine delivery and exclusive access to new
releases for $49 per year. Recently
launched, the Wine.com iOS app allows users to scan, rate and
purchase wines on the go. Wine.com's mission, to inspire the
wine lifestyle through innovation, is captured in its brand
manifesto video, viewable here. For more information, visit the
company's website at http://www.wine.com.
About Goldman Sachs Asset Management Private Credit
Group
The Goldman Sachs Asset Management Private Credit Group is a
leading provider of debt and select equity solutions to middle
market companies. We manage approximately $5.5 billion of capital, including our publicly
listed specialty finance company, Goldman Sachs BDC, Inc. (NYSE:
GSBD). Using a flexible approach, we partner closely with our
valued middle market relationships to understand and tailor
financing solutions to meet specific objectives for borrowers and
their stakeholders. Our dedicated investment team has extensive
experience in private credit investing through a variety of
economic cycles. We pride ourselves on our ability to deliver on
transactions with speed and creativity, and remain committed to
building long term, mutually beneficial relationships.
About Baker Capital
Wine.com is a portfolio company of Baker Capital Corp., a NYC based
private equity firm. Prior Baker Capital investments include
InterXion, Akamai and Immedia Semiconductor, inventor and
developer of the popular Blink home security camera.
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SOURCE Wine.com