Breakingviews - Black Rifle Coffee and SPACs are a logical blend
Even as a public-benefit company, a designation that lets Hafer consider goals other than shareholder value, many large institutions might shy away from the brand’s associations.
A SPAC looks like a smart solution. Blank-check firms are designed to cut out some of the usual middlemen and make it easier for quirky, fast-growth companies to find equity investors more directly. At $1.7 billion, Black Rifle Coffee’s enterprise value is just above 5 times next year’s sales, roughly a quarter higher than Starbucks according to Refinitiv. Thanks to SPACs, Hafer has found investors with as strong a stomach as his mug-toting customers.- Black Rifle Coffee announced on Nov.
- The companies said in a presentation that Black Rifle Coffee is expected to have revenue of $230 million and a net loss of $12.1 million in 2021.Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day.
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