Kadenacy previously served as CEO of SilverBox Engaged Merger Corp, the Special Purpose Acquisition Company (SPAC) which merged with the veteran-owned coffee chain in February 2022
A Black Rifle Coffee Company outlet in Clarksville, Tennessee | Photo credit: Black Rifle Coffee Company
Utah-based Black Rifle Coffee Company (BRCC) has appointed investment industry veteran Stephen Kadenacy as its new Chief Financial Officer, effective 18 September 2023.
Kadenacy brings more than 30 years of financial leadership experience to BRCC, most recently as Co-Founder and Managing Partner of Texas-based investment firm SilverBox Capital.
He also served as CEO of Special Purpose Acquisition Company (SPAC) SilverBox Engaged Merger Corp until its merger with BRCC in February 2022.
BRCC said Kadenacy will support its efforts to drive profitable, sustainable growth and investor returns.
“Today is an exciting day at Black Rifle Coffee and, on behalf of the Board and leadership team, I welcome Steve to the BRCC team. Steve brings proven execution skills and a wealth of public company experience that will further enable our core mission and enhance our goal of profitable, sustainable growth,” said Evan Hafer, CEO, BRCC.
In August 2023, Hafer said BRCC had ‘never been stronger’ following robust second quarter sales.
The veteran-owned coffee chain achieved 39% year-on-year total sales growth in the three months ended 30 June 2023 to reach $92m, with higher group level sales volumes lifting gross profit 42% year-on-year to $32.2m. BRCC’s net loss at the end of the quarter stood at $14.7m, compared to $45m in the same period of 2022.