Westrock Coffee to become public company
Westrock Coffee has announced its plan to go public via a business combination with Riverview Acquisition Corp, which values the company at approximately US$1.086 billion.
The proposed business combination will allow Westrock Coffee to accelerate the build-out of the United States’ largest roasting to ready-to-drink facility, as well as its further expansion into Europe, Asia Pacific, and the Middle East in support of its blue-chip customers.
“We started Westrock Coffee when we saw the need for coffee farmers in Rwanda to earn a living wage and realised that a new business model for the industry could enable this outcome while being self-sustaining and un-reliant on the vagaries of charity or consumer price premiums,” says Scott Ford, CEO and Co-Founder of Westrock Coffee.
“This transaction, in partnership with Brad and the incredible team at Riverview Acquisition Corp., will catapult our efforts globally and open a pathway for public investors to participate in our important work.”
Upon the closing of the transaction, the combined company will be named Westrock Coffee Company and is expected to be listed on the Nasdaq under the ticker symbol ‘WEST’.
“The intense customer, commercial, and mission focus of the Westrock team has built a terrific business over the last 13 years, and now the company is poised for a very promising future,” says Brad Martin, CEO of Riverview.
The Westrock management team will be the largest equity owners in our company, and my fellow shareholders in Riverview Acquisition Corp. and my partners in the PIPE investment are delighted to become part of the Westrock family.”
According to Westrock Coffee, this transaction will support its mission to build and efficiently operate the preeminent integrated coffee, tea, flavours, extracts, and ingredients supply chain in the world.
Proceeds from the transaction will be used to fuel its organic growth plans, including further expansion of its product and solution offerings and customer base, and the build-out of manufacturing facilities in the US, including the largest, roasting to ready-to-drink facility in the nation.
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Source: GCR Mag