Herbert Hunt

Westrock Coffee Company Reports Second Quarter 2023 Results and Announces Closing of $118.8 Million Equity Investment to Support Long-Term Growth

Retrieved on: 
Wednesday, August 9, 2023
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Consolidated gross profit for the second quarter of 2023 was $35.7 million and included $1.0 million of non-cash mark-to-market gains, compared to consolidated gross profit of $38.9 million for the second quarter of 2022, which included $1.4 million of non-cash mark-to-market losses.

Key Points: 
  • Consolidated gross profit for the second quarter of 2023 was $35.7 million and included $1.0 million of non-cash mark-to-market gains, compared to consolidated gross profit of $38.9 million for the second quarter of 2022, which included $1.4 million of non-cash mark-to-market losses.
  • Net loss for the period was $26.8 million, compared to a net loss of $5.8 million for the second quarter of 2022.
  • Adjusted EBITDA was $11.3 million for the second quarter of 2023, a decrease of $2.0 million, compared to the second quarter of 2022.
  • Beverage Solutions segment contributed $189.7 million of net sales and $11.7 million of Adjusted EBITDA for the second quarter of 2023, compared to $170.9 million and $12.5 million, respectively, for the second quarter of 2022.

Westrock Coffee Company Announces Additional $25 Million Equity Investment

Retrieved on: 
Tuesday, July 18, 2023
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LITTLE ROCK, Ark., July 18, 2023 (GLOBE NEWSWIRE) -- Westrock Coffee Company (NASDAQ: WEST) (“Westrock Coffee” or the “Company”) today announced that it has entered into a definitive agreement with the Arkansas Teacher Retirement System (“ARTRS”) to make an aggregate investment of $25 million in the Company through the purchase of 2,500,000 shares of Company common stock at a price of $10.00 per share.

Key Points: 
  • LITTLE ROCK, Ark., July 18, 2023 (GLOBE NEWSWIRE) -- Westrock Coffee Company (NASDAQ: WEST) (“Westrock Coffee” or the “Company”) today announced that it has entered into a definitive agreement with the Arkansas Teacher Retirement System (“ARTRS”) to make an aggregate investment of $25 million in the Company through the purchase of 2,500,000 shares of Company common stock at a price of $10.00 per share.
  • This announcement represents an incremental investment over and above the $75 million equity investment the Company previously announced on June 30, 2023.
  • Scott T. Ford, CEO and Co-founder stated, “We are excited to announce today’s decision by ARTRS to invest $25 million in Westrock Coffee, which adds to the $75 million equity investment we announced last month committed by HF Capital, one of our original investors, and the Herbert Hunt family, a new investor.
  • Wells Fargo Securities served as a Capital Markets Advisor to Westrock Coffee.

Westrock Coffee Company Announces $75.0 Million Equity Investment to Support Long-Term Growth Strategy

Retrieved on: 
Friday, June 30, 2023
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LITTLE ROCK, Ark., June 30, 2023 (GLOBE NEWSWIRE) -- Westrock Coffee Company (NASDAQ: WEST) (“Westrock Coffee” or the “Company”) today announced that it has entered into definitive agreements with affiliates of HF Capital, LLC and the Herbert Hunt family to make aggregate equity investments of $75.0 million in the Company through the purchase of 7,500,000 shares of Company common stock at a price of $10.00 per share. The transactions are expected to close in August 2023, subject to the satisfaction of customary closing conditions, including, in the case of the investment by HF Capital, termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Key Points: 
  • LITTLE ROCK, Ark., June 30, 2023 (GLOBE NEWSWIRE) -- Westrock Coffee Company (NASDAQ: WEST) (“Westrock Coffee” or the “Company”) today announced that it has entered into definitive agreements with affiliates of HF Capital, LLC and the Herbert Hunt family to make aggregate equity investments of $75.0 million in the Company through the purchase of 7,500,000 shares of Company common stock at a price of $10.00 per share.
  • Wachtell, Lipton, Rosen & Katz served as legal counsel to Westrock Coffee, and Bass, Berry & Sims served as legal counsel to HF Capital.
  • The Company is updating its 2023 outlook for Adjusted EBITDA to now reflect flat to up 10% growth over 2022 from 10% to 25% previously.
  • Management will provide additional details regarding the 2023 outlook on the second quarter 2023 earnings results call.