Modern technology gives us many things.

Westrock Coffee Going Public Through SPAC Deal | Arkansas Business News

0
Booking.com


We were unable to send the article.

Westrock Coffee Co. LLC of Little Rock on Monday announced that it’s going public through a deal with Riverview Acquisition Corp. of Memphis (Nasdaq: RVACU) that places the coffee, tea and extract company’s value at $1.086 billion.

Westrock said the deal will allow it to accelerate work on its ready-to-drink packaging facility at the former Kimberly-Clark plant in Conway, a $100 million-plus project announced in December.

The transaction prices shares at $10, representing 1.1 times projected 2022 revenues and about 14.5 times projected 2022 adjusted EBITDA, Westrock said in a news release.

The deal is expected to close by the end of the third quarter.

As part of the deal, Westrock will convert into a corporation and all of its existing shareholders will roll 100% of their shares into the new company. Those shareholders will hold about 53% of the shares of the combined company on closing.

Westrock will be listed on the Nasdaq under the ticker symbol “WEST.”

The boards of directors of Westrock and Riverview have each unanimously approved the transaction, the release says. 

Westrock co-founder and CEO Scott Ford called it a milestone for the company. He said the company decided to go public after meeting with Riverview CEO Brad Martin, whose “big heart and experience with scaled operating platforms made him the ideal partner to help fulfill our global mission. “

“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,” Ford said in the release.

Westrock has offices in 10 countries. It sources coffee and tea from 35 origin countries. Westrock announced last month that the company and its subsidiary S&D Coffee & Tea are rebranding and will begin providing service under the same moniker: Westrock Coffee.

Arkansas Business will update this story.



Source link

- Advertisement -

Leave A Reply

Your email address will not be published.