Just 90 days after announcing its intention to do so, Black Rifle Coffee Company is now a publicly listed company after it completed its merger with SilverBox Engaged Merger Corp I (NasdaqCM:SBEA).
SilverBox was/is a co-called Special Purpose Acquisition Company (SPAC) – aka a "blank check" company – and business formed specifically with the purpose of raising money via an Initial Public Offering so its management could turn around and merge with an operating company, like Black Rifle.
The completion of the Black Rifle SPAC merger was announced Tuesday afternoon after Wall Street closed and was expected to net the newly named BRC Inc. close to $150 million post-merger.
Trading of BRC shares began this morning on the New York Stock Exchange under the symbol BRCC with the stock priced initially at $12.01 per share, but gained over 30% during the day's trading, finishing at $15.64/share.
{NOTE: As of 5pm MT tonight, BRC shares were trading at $15.18/share.}
A Quick Backstory on BRC
As outlined in our 11 November 2021 story – "A $1.7 Billion Coffee Company in Utah? Yep." – the CEO and Master Roaster behind BRC is Evan Hafer, a former Green Beret and Special Forces operator who gained an appreciation for roasted coffee while serving "in country."
Fast forward beyond his governmental service to the latter part of 2014 when Hafer and his family moved to Salt Lake City and you have the framework for the launch of the then-named Black Rifle Coffee Company.
Today, nearly some seven years on, Hafer now leads a team of over 600 employees, with the headquarters (and main roasting facility) in SLC, and a separate roasting operation in Tennessee.
As explained in the SBEA/BRC investor presentation from November 11th, BRC expected to hit top line revenue of $230 million for calendar 2021, with 2023 estimated revenue projected to broach $430 million.
Post-merger, BRC was expected to be valued at ~$1.7 billion.
So congrats to Hafer and team on pulling off the business combination and having Black Rifle Coffee Company become Utah's latest publicly traded company as BRC.
