Investors & Analysts
On April 4, 2022, Westrock Coffee announced its plan to become a public company via a business combination with Riverview Acquisition Corp. (NASDAQ: RVAC). Subject to customary closing conditions, Westrock Coffee expects to begin trading on the Nasdaq under the ticker symbol “WEST” during the third quarter of 2022.
Westrock Coffee Holdings, LLC is the leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the U.S., providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to the retailer, restaurant, convenience store, non-commercial account, CPG, and hospitality industries around the world. With offices in 10 countries, the company sources coffee and tea from 35 origin countries. We are the leader in creation and management of sustainable and digitally traceable supply chain from the original farmer transaction through the finished consumer package.
- Westrock Coffee offers a highly scalable platform and is delivering strong financial results with estimated 2022 revenue of approximately $960 million and projected adjusted EBITDA of approximately $75 million.
- The transaction values Westrock Coffee at an enterprise value of approximately $1.086 billion at $10 per share and, assuming no redemptions by Riverview shareholders, will deliver approximately $500 million in gross cash proceeds to the combined company.
- The transaction includes $250 million in common stock PIPE commitments at $10 per share, including $60 million from R. Brad Martin, NFC Investments, LLC, and the other Riverview Acquisition Corp. founders, $25 million from Westrock Coffee founders, and $78 million each from HF Capital, the Haslam family investment office, and funds managed by Southeastern Asset Management.
- Westrock Coffee’s existing shareholders are rolling 100% of their shares into the combined company.
- Westrock Coffee has also secured a financing commitment from Wells Fargo for a $300 million Senior Secured Pro Rata Credit Facility including a $150 million term loan and a $150 million revolving loan commitment. The term loan will be fully funded at closing and the revolver is expected to be largely undrawn.
- Following the close of the transaction and the refinancing of Westrock Coffee’s debt, the Company will have a strong balance sheet with an expected net cash position of approximately $120 million, assuming no redemptions by Riverview shareholders.
- Founded on a mission to positively impact the coffee, tea, and extracts market from crop to cup, Westrock Coffee is leading the industry through sustainable sourcing, digitally traceable supply chain management, and the improvement of the lives of 1.5 million smallholder farmers around the world.
- A webcast of a conference call with Westrock Coffee and Riverview Acquisition Corp. leadership, as well as an associated investor presentation, is accessible at www.westrockcoffee.com/pages/investors
The foregoing statements are qualified in their entirety by cautionary language set forth in the Company’s press release dated April 4, 2022 which is incorporated herein by reference and can be found here. Investors, security-holders and other interest persons are strongly urged to read the registration statement in respect of the transactions that the Company will file with the U.S. Securities and Exchange Commission.
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Westrock Coffee to Participate in June Investor Conferences
May 31, 2022
May 17, 2022
Westrock Coffee Achieves Its Commitment to Responsibly Source 100% of Its Tea Products
May 10, 2022
Westrock Coffee Announces Filing of Registration Statement on Form S-4 in Connection with its Proposed Business Combination with Riverview Acquisition Corp.
Apr 27, 2022
Westrock Coffee announced its plan to become a public company via a business combination with Riverview Acquisition Corp.
Apr 4, 2022
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