April 4 (Reuters) – Westrock Coffee said on Monday it plans to list in the United States by merging with a blank-check company, valuing the combined entity at $1.09 billion including debt.
The Arkansas-based company plans to combine with Riverview Acquisition Corp (RVAC.O). The special purpose acquisition company (SPAC) raised $250 million in an initial public offering in August last year to target consumer companies.
A SPAC typically sells shares at $10 apiece, puts the cash in a trust account and then searches for a company to buy, taking it public through a merger by sidestepping a traditional IPO. Its shareholders can choose to redeem their shares in return for cash.
Register now for FREE unlimited access to Reuters.com
The transaction includes $250 million in common stock private placement in public equity (PIPE) commitments from NFC Investments, Westrock and Riverview founders and funds managed by Southeastern Asset Management, among others.
Led by chief executive officer…