What does coffee have to do with rifles? Black Rifle Coffee Company (BRCC) can probably give us an answer. The Utah-based company has seen a 92% increase in sales in 2020, primarily thanks to its popular firearm-themed coffee roast blends and its omnichannel growth strategy.
The company, which was founded in 2014, has been active in supporting US veterans and their families through its very own charitable foundation and its employment strategy. Among the 550 people that BRCC employs, half are either veterans, reservists, or military spouses. The niche focus on the veterans market initially operated by BRCC has allowed the company to build a very loyal customer base.
BRCC has now chosen to go public via a SPAC with SilverBox Engaged Merger Corp I. The combined company will be worth approximately $1.7b, and BRCC should receive up to $225m to accelerate its growth.
Why it matters
The SPAC will see BRCC reorganize as a public benefit corporation, meaning that while the company will remain a for-profit enterprise, it will continue to support social good. The new company will donate more than 530,000 shares to its foundation to support veterans and their families.
