Westrock Coffee To Go Public Via SPAC Deal: WSJ

by Shivani Kumaresan, Benzinga Staff Writer

April 4, 2022 6:23 AM | 1 min read |

Westrock Coffee Holdings LLC, a coffee, tea, and extract service provider, plans to go public through a merger with a Special Purpose Acquisition Company (SPAC), Riverview Acquisition Corp RVAC, the Wall Street Journal reported.
The report noted that the company would be valued roughly at $1.2 billion.
As part of the deal, Westrock is raising a $250 million private investment in public equity (PIPE) from investors and also has a credit facility agreement with Wells Fargo & Co.
The Riverview SPAC is led by R. Brad Martin, former CEO of retail holding company Saks Inc.
The company provides coffee, tea, and other beverage ingredients to restaurants and brands, including Walmart Inc WMT and McDonald's Corp MCD.
Price Action: RVAC shares closed higher by 0.10% at $9.79 on Friday.