The Arkansas-based coffee roaster is seeking to accelerate its growth in the US and internationally, including the build-out of the largest ready-to-drink facility in the US
The transaction includes a $350m credit agreement to support Westrock Coffee's expansion plans | Photo credit: Westrock Coffee
Westrock Coffee has become a public company following its merger completion with Special Purpose Acquisition Company (SPAC) Riverview Acquisition Corp.
The transaction includes a $350m credit agreement to support expansion plans, including the upgrade of its 524,000sq ft ready-to-drink, coffee and tea facility in Conway, Arkansas.
R. Brad Martin, Riverview Chairman and CEO, will join Westrock Coffee’s Board of Directors, which will continue to be led by current CEO Scott Ford and his existing management team.
“This is a truly momentous day in the history of our company. 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 US and internationally, while capitalising 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,” said Ford.
As part of the deal, first announced in April 2022, the company has changed its name from Westrock Coffee Holdings to Westrock Coffee Company.
Westrock Coffee promotes itself as the largest custom, private label coffee and tea provider to US restaurants by volume and the second-largest coffee extract provider in ready-to-drink coffee.
In August 2022, the company reported sales growth of 31% in its second quarter, driven by a 57% volume increase in single serve coffee pods. The Arkansas-based coffee roaster said its Beverage Solutions segment achieved sales growth of 27%, reaching $170.9m.