Kirkland Advises Black Rifle Coffee Company On Combination with SilverBox Engaged Merger Corp I
Kirkland & Ellis advised Black Rifle Coffee Company (BRCC), a rapidly growing and mission-driven premium coffee company founded to support Veterans, active-duty military, first responders and serve a broad customer base by connecting consumers with great coffee and a unique brand experience, on its business combination with SilverBox Engaged Merger Corp I, which is sponsored by SilverBox Capital LLC and Engaged Capital LLC, who have collaborated to create an alternative asset management platform. Upon closing of the proposed business combination, the combined company will be held by a new public benefit corporation that will be named BRC Inc. and that will support its mission of bettering the lives of veterans, active-duty military and 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. At $10 per share, the transaction values Black Rifle Coffee at a pro forma enterprise value of approximately $1.7 billion. The combination is subject to customary closing conditions and is expected to close during the first quarter of 2022.
The Kirkland team was led by corporate partners Steven Napolitano and John Kaercher and associates Patrick Moneypenny and Alex Warso and capital markets partners Josh Korff and Peter Seligson and associates Alborz Tolou and Michael Sloman. The team also included tax partners Michael Beinus and Tara Rhoades and executive compensation partners Michael Krasnovsky and Jared Whalen.