The pro-gun, pro-military US coffee roaster says it will use $150m from a SPAC merger to hire 10,000 veterans and expand its online coffee business
A Black Rifle Coffee Company store in Tennessee, USA | Photo credit: Black Rifle Coffee Company
Black Rifle Coffee Company (BRCC) has joined the US stock exchange in an IPO valuing the company at around $1.7bn.
Prior to its market debut, the BRCC’s parent company, Authentic Brands LLC, merged with Special Purpose Acquisition Company (SPAC), SilverBox Engaged Merger Corp, in a deal expected generate up to $150m for the coffee business.
The overtly patriotic coffee roaster and retailer said it would use the funds to reach its goal of hiring 10,000 veterans and expand its omni-channel coffee business.
“Black Rifle Coffee began with a simple premise: provide a high-quality product while giving back to the veteran, military and first responder communities. Our entry into the public market is a significant milestone on our path to further growing the business and continuing to serve premium coffee and media to those who love America,” said Evan Hafer, Chief Executive Officer and Founder of BRCC,
BRCC estimates 2021 revenues were $230m, some 40% higher than the year previous. The company operates digital-first retail coffee business but has more recently sought to grow its handful of brick-and-mortar stores through a franchise model.