M&A · Industrials · Beverages
Butterfly Equity LP to acquire Duckhorn Portfolio, Inc.
Announced Oct 7, 2024 · Closed Dec 26, 2024
Deal value$1.95BEV $1.92B
Premium—To unaffected price
EV / Adj. EBITDA13.7x4.7x EV / Revenue
ConsiderationAll cash$11.10 per share
Transaction
- Acquirer
- Butterfly Equity LP
- Target
- Duckhorn Portfolio, Inc. (NAPA)
- Buyer type
- Private equity
- Offer price per share
- $11.10
- Enterprise value
- $1.92B
- Status
- Closed Dec 26, 2024
Deal protections
- Break fee (target pays)
- $53.5M · 2.7%
- Reverse fee (buyer pays)
- $95.0M · 4.9%
- Go-shop
- Go-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan
- JPMorgan fee
- $30.0M
Sector context · Industrials
- Comparable deals
- 87 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- 13.7x vs. 9.9x sector median
- Break fee
- 2.7% vs. 2.7% sector median
Timeline
- AnnouncedOct 7, 2024
- Proxy filedNov 21, 2024
- Definitive proxyDec 2, 2024
- Shareholder voteDec 23, 2024
- ClosedDec 26, 2024
Valuation · fairness opinions
Trading comparables$5.40$12.80
Discounted cash flow$10.70$15.50
Offer $11.10
Implied value per Duckhorn Portfolio, Inc. share by analysis, from JPMorgan · DCF discount rate 7.25%–8.25%.