The Leading Coffee, Tea, Flavors, Extracts,
and Ingredients Solutions Provider Raises Approximately $300
Million of Equity Capital and Accesses $350 Million of Debt
Capital
Westrock Coffee Company Common Stock Lists
Today on the Nasdaq Under the Symbol “WEST”
Westrock Coffee Company (f/k/a Westrock Coffee Holdings, LLC)
(Nasdaq: WEST) (“Westrock Coffee,” or “the Company”) today
announced the closing of its business combination transaction (the
“Transaction”) with Riverview Acquisition 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 Westrock Coffee Company. Beginning today, the
Company’s common stock and certain warrants to purchase shares of
common stock will begin trading on the Nasdaq under the ticker
symbols “WEST” and “WESTW,” respectively. In addition, the Company
announced that it entered into a new credit agreement (the “Credit
Agreement”) that includes a $175 million senior secured first lien
term loan facility and a $175 million senior secured first lien
revolving credit facility. Proceeds from the Transaction and Credit
Agreement will be used to re-pay existing indebtedness and fund the
Company’s organic and strategic growth initiatives.
Westrock Coffee’s Chief Executive Officer and Co-Founder, Scott
Ford, and the current management team of Westrock Coffee will
continue to lead the Company. Riverview Chairman and CEO, R. Brad
Martin will join Westrock Coffee’s Board of Directors.
“This is a truly momentous day in the history of our company, as
Westrock Coffee continues to supply the world’s most recognized
brands with the world’s most transformative coffee, tea, flavors,
extracts, and ingredients products,” said Ford. “Accessing the
public markets is not only validation of the efforts of our
incredible team but will also enable us to expedite our growth in
the U.S. and internationally, while capitalizing on the
generational shifts in consumer preferences. I am confident in
Westrock Coffee’s future and proud of the team that has led us to
this important moment.”
As the “brand behind the brands,” Westrock Coffee counts among
its long-tenured customers blue chip market leaders across the
retail, foodservice and restaurant, convenience store and travel
center, non-commercial, CPG, and hospitality industries. Westrock
Coffee currently provides over 20 million cups of coffee to the
world daily. The Company is also the largest custom, private label
coffee and tea provider to restaurants in the United States by
volume and the second-largest coffee extract provider in
ready-to-drink coffee.
“I have great admiration for Scott Ford and Westrock Coffee
Company,” said Martin. “The Westrock Coffee team is passionate in
its commitment to its farmer partners, customers, and shareholders.
Westrock Coffee is exactly the type of enterprise which should be
in the public markets, and I’m delighted that Riverview could help
accomplish that objective. I look forward to working with the
Westrock Coffee team in the months ahead.”
Members of Westrock Coffee’s leadership team will ring the
opening bell at the Nasdaq stock exchange at 9:30 a.m. Eastern Time
on August 31, 2022, to celebrate the successful transaction.
Stifel served as Lead Financial Advisor and Wells Fargo
Securities, LLC served as Financial Advisor to Westrock Coffee.
Stifel, Wells Fargo Securities, LLC, Telsey Advisory Group LLC and
The Benchmark Company, LLC served as Capital Markets Advisors to
Westrock Coffee. Wachtell, Lipton, Rosen & Katz served as legal
counsel to Westrock Coffee.
Stephens Inc. served as Financial and Capital Markets Advisor,
and Cantor Fitzgerald & Co. served as Capital Markets Advisor
to Riverview. King & Spalding LLP acted as legal counsel to
Riverview.
About Westrock Coffee
Westrock Coffee Company is a 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
retail, foodservice and restaurant, convenience store and travel
center, CPG, non-commercial and hospitality industries around the
world. With offices in 10 countries, the company sources coffee and
tea from 35 origin countries. For more information, visit
WestrockCoffee.com.
About Riverview Acquisition Corp.
Riverview Acquisition Corp. is a blank check company formed for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization, or similar business
combination with one or more businesses. Management is led by Chief
Executive Officer R. Brad Martin, President Charles K. Slatery, and
Chief Financial Officer Will Thompson.
Forward-Looking Statements
Certain statements included in this communication that are not
historical facts are forward-looking statements. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect, "should," "would," "plan," "predict,” "potential," "seem,"
"seek," "future," "outlook," and similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but
are not limited to, certain plans, expectations, goals,
projections, and statements about the benefits of the consummated
transaction, the plans, objections, expectations, and intentions of
Westrock Coffee and other statements that are not historical facts.
These statements are based on information available to Westrock
Coffee as of the date hereof and Westrock Coffee is not under any
duty to update any of the forward-looking statements after the date
of this communication to conform these statements to actual
results. These statements are based on various assumptions, whether
or not identified in this communication, and on the current
expectations of the management of Westrock Coffee as of the date
hereof and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as and should not be relied on
by an investor or others as, a guarantee, an assurance, a
prediction, or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to
predict and will differ from assumptions. Many actual events and
circumstances are beyond the control of Westrock Coffee. These
forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to, changes in domestic
and foreign business, market, financial, political, and legal
conditions; failure to realize the anticipated benefits of the
consummated transaction; risks relating to the uncertainty of the
projected financial information with respect to Westrock Coffee;
risks related to the rollout of Westrock Coffee's business and the
timing of expected business milestones; the effects of competition
on Westrock Coffee's business; the ability of Westrock Coffee to
issue equity or equity-linked securities or obtain debt financing
in the future; and those factors discussed in Westrock Coffee’s
registration statement on Form S-4, which was initially filed on
April 25, 2022, and subsequently amended on June 10, 2022, July 15,
2022, August 1, 2022 and August 3, 2022, under the heading “Risk
Factors”, and other documents Westrock Coffee has filed, or will
file, with the United States Securities and Exchange Commission. If
any of these risks materialize or our assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks
that Westrock Coffee does not presently know, or that Westrock
Coffee currently believes are immaterial, that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, the forward-looking
statements reflect Westrock Coffee's expectations, plans, or
forecasts of future events and views as of the date of this
communication. Westrock Coffee anticipates that subsequent events
and developments will cause Westrock Coffee's assessments to
change. However, while Westrock Coffee may elect to update these
forward-looking statements at some point in the future, Westrock
Coffee specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as a
representation of Westrock Coffee's assessments as of any date
subsequent to the date of this communication. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220829005105/en/
Media: ICR for Riverview and Westrock Coffee:
Westrock@icrinc.com Investor Relations: ICR for Westrock Coffee:
WestrockIR@icrinc.com
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