Coffee appears to be the order of the day on Wall Street, with Starbucks (SBUX) – Get Starbucks Corporation Report fending off a union drive and Black Rifle Coffee (BRCC) – Get BRC Inc Class A Report – dubbed the Starbucks of the right wing by some media outlets – going public.
That is major coffee retail: packaged coffee to take home, fresh lattes to sip in-store with friends or a book, and wearables and other merchandise emblazoned with logos so that you and I can pay for the privilege of advertising for our favourite coffee bars.
Starbucks, Dunkin’ Donuts, Peet’s Coffee & Tea, and Tim Hortons (QSR) – Get Restaurant Brands International Inc Report have thousands of such locations, and Black Rifle aspires to a similar level of prominence.
Now, a wholesaler is entering the public markets, serving retailers, restaurants, convenience stores, and hotels and hospitality. The company sells coffee and tea, as well as flavours and ingredients, as well as coffee sourcing, product development, roasting, packaging, and distribution services.
And it’s doing so sustainably, sourcing coffee and tea from 1.5 million small-holder farmers in 35 countries and managing its own supply chain via digitally traceable paths from source farmers to finished consumer packaging.
SPACs, or single-purpose acquisition companies, are formed with the express purpose of identifying and acquiring an operating partner. The objective is to expedite the operating company’s entry into the public markets by avoiding the lengthy process associated with a traditional initial public offering.
The company, which began operations in Rwanda in 2009, states in its investor presentation that its mission is “to empower smallholder farmers and their families in developing countries to improve their quality of life and economic status.”
Westrock is led by Chief Executive Scott Ford, a former Alltel Wireless president and CEO.