Little Rock, Ark.— Westrock Coffee Company (f/k/a Westrock Coffee Holdings, LLC) (Nasdaq: WEST) (“Westrock Coffee” or the “Company”) announces the completion of a business combination transaction (the “Transaction”) with Riverview Acquisition. did. Corp. (Nasdaq: RVAC) (“RVAC” or “Riverview”). In connection with the closing of the transaction, Westrock Coffee Holdings, LLC converted from a Delaware limited liability company to a Delaware corporation and changed its name to He Westrock Coffee Company. Effective today, the Company’s common stock and certain warrants purchasing common stock will begin trading on his Nasdaq under the ticker symbols “WEST” and “WESTW,” respectively. In addition, the Company signed a new Credit Agreement (“Credit Agreement”), including a $175 million Senior Secured First Lien Term Loan Facility and his $175 million Senior Secured First Lien Revolving Credit Facility. ”) was announced. Proceeds from trading and credit agreements will be used to pay down existing debt and fund our organic and strategic growth initiatives.
Westrock Coffee Chief Executive Officer and Co-Founder Scott Ford and the current Westrock Coffee management team will continue to lead the company. Riverview Chairman and CEO R. Brad Martin will join Westrock Coffee’s Board of Directors.
“Westrock Coffee is a truly significant part of our history as we continue to supply some of the world’s most innovative coffee, tea, flavor, extract and ingredient products to some of the world’s most recognized brands,” said Ford. “Having access to the public market is not only a testament to the efforts of our incredible team, but also the opportunity to leverage generational shifts in consumer tastes while driving U.S. and international growth. I am confident in the future of Westrock Coffee and proud of the team that has guided us to this important moment.”
As the ‘brand behind the brand’, Westrock Coffee is a blue chip market leader and longtime customer in the retail, foodservice, restaurants, convenience stores, travel centers, non-profit, CPG and hospitality industries. . Westrock Coffee currently serves over 20 million cups of coffee worldwide every day. The company is also the largest provider of custom private label coffee and tea volumes for restaurants in the United States, and in ready-to-drink coffee he is the second largest provider of coffee extracts.
“I have great respect for Scott Ford and the Westrock Coffee Company,” said Martin. “The Westrock Coffee team is passionate about our commitment to our farmer partners, customers and shareholders. We are delighted to be of assistance and look forward to working with the Westrock Coffee team over the next few months.”
Members of the Westrock Coffee leadership team will ring the opening bell to celebrate a successful trading on the Nasdaq Stock Exchange on August 31, 2022 at 9:30 am ET.
Stifel acted as lead financial advisor and Wells Fargo Securities, LLC acted as financial advisor to Westrock Coffee. Stifel, Wells Fargo Securities, LLC, Telsey Advisory Group LLC and The Benchmark Company, LLC acted as capital markets advisors to Westrock Coffee. Wachtell, Lipton, Rosen & Katz acted as legal counsel to Westrock Coffee.
Stephens Inc. acted as financial and capital markets advisor and Cantor Fitzgerald & Co. acted as capital markets advisor to Riverview. King & Spalding LLP acted as legal advisor to Riverview.
About Westrock Coffee
Westrock Coffee Company is a leading U.S. integrated solutions provider of coffee, tea, flavors, extracts and ingredients, offering coffee sourcing, supply chain management, product development, roasting, packaging and distribution services to retailers, retailers and retailers. We serve foodservice, restaurants and convenience services. Stores and travel centers, CPG, non-profit and hospitality industries worldwide. With offices in 10 countries, we source our coffee and tea from 35 countries of origin.
About Riverview Acquisition Corp.
Riverview Acquisition Corp. is a blank check firm formed for the purpose of merging, exchanging shares, acquiring assets, purchasing shares, reorganizing, or similar business combinations with one or more companies. The management team is led by Chief Executive Officer R. Brad Martin, President Charles K. Slatery and Chief Financial Officer Will Thompson.
For more information:
https://www.businesswire.com/news/home/20220829005105/en/Westrock-Coffee-Company-Announces-Closing-of-Business-Combination-with-Riverview-Acquisition-Corp.-and-Entry-Into-a – new credit agreement
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