- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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