Black Rifle Coffee Company to Go Public in $1.7 Billion Business Combination with SilverBox Engaged Merger Corp.
Century City and Los Angeles – Paul Hastings LLP, a leading global law firm, announced today that it advised SilverBox Engaged Merger Corp I, a special-purpose acquisition company, in the $1.7 billion business combination with Black Riffle Coffee Company (BRCC), a rapidly growing and mission-driven premium coffee company founded to support Veterans, active-duty military, first responders.
The proposed business combination will place up to $225 million in cash on BRCC’s balance sheet to accelerate the implementation of its digital-first, omnichannel strategy and support continued rapid growth.
The fully financed transaction includes $300 million in common equity commitments from a group of investors led by a $100 million commitment from Engaged Capital that will satisfy the minimum cash condition in the business combination agreement. These commitments include a unique backstop feature with a group of investors providing a flexible amount of capital to be funded, with the actual amount funded at closing between $200 million and $300 million.
The transaction is expected to close during the first quarter of 2022, subject to customary closing conditions being satisfied.
The Paul Hastings team that advised SilverBox Engaged Merger Corp I was led by M&A partner David Hernand and capital markets partner Jonathan Ko, as well as partners Sean Monroe, Stephen Harris, and Douglas Schaaf; of counsels Amy Lawrence, and Ron Ben Yehuda; and associates Flavio Averbug, Julian Alsarhn, Eboney Hutt, Kristen Casey, and Muaaz Maksud.
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