Original source:
Benzinga

Westrock Coffee, a Riverview Acquisition SPAC merger partner, reports a 20% increase in Q1 sales

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June 8, 2022
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Jump to heading Westrock Coffee, a Riverview Acquisition SPAC merger partner, reports a 20% increase in Q1 sales


Westrock Coffee Holdings LLC reported $186.4 million in Q1 revenue, up 20% year over year, with a $4.7 million net loss compared to $6.1 million a year ago.

"We are happy with the good start to the year, particularly given the multiple factors now hitting the U.S. consumer, higher inflation, and the volume consequences of Covid restarts," said Scott Ford, co-founder and CEO.

Adjusted EBITDA increased by 37% to $11.4 million, owing to a better client and product mix, favorable purchase price variations, and greater operating efficiencies.

The Beverage Solutions business of Westrock Coffee brought about $148.4 million in net revenues. The Sustainable Sourcing & Traceability division saw a $38.1 million increase in sales.

Westrock Coffee has increased the size of the credit facility it would use in relation to its previously announced deal with Riverview Acquisition Corp.
(RVAC) increased its funding from $300 million to $350 million, citing significant demand from potential lenders.

The company will continue to be known as Westrock Coffee and will trade on the NASDAQ under the symbol "WEST."

Westrock's newest manufacturing facility, located in Johor Bahru, Malaysia, began operations in April 2022. In June 2022, it plans to supply items to consumers in the Asia Pacific area.

On Monday, RVAC's stock closed at $9.95 per share.

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(As of June 8th, 2022, funds managed by Cohanzick Management, LLC and its affiliates own a position in Riverview Acquisition Corp.)

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