Black Rifle Coffee Company
Courtesy: Black Rifle Coffee Company
Black rifle coffeeA veteran-founded beverage company, unveiled earlier this year, said Tuesday that the executive chair of Rowland-Smith, the former CEO of The ODP and Wendy, would come into effect immediately.
Already a member of Black Rifle Coffee’s board of directors, Smith is moving more closely with the company’s C Suite to open new physical stores and promote direct sales to businesses.
Smith was Wendy’s CEO in 2011 and headed the Office Depot from November 2013 to February 2017. He was appointed CEO of OfficeDepot shortly after the merger agreement with OfficeMax was completed. At the time, he was renowned for turning around businesses, including the grocery chain Food Lion.
According to a spokeswoman, he expects founder Evan Hafel to become chairman of Black Rifle Coffee. Co-CEO Tom Davin will also remain in the company, he added.
Founded in 2014 and based in Salt Lake City, Black Rifle Coffee is known for selling firearm-themed coffee products such as the AK-47 Espresso Blend and Murdered Out Coffee Roast. Most of its sales are made online and are also sold through major retailers such as: Walmart..
At the end of the first quarter of 2022, Black Rifle Coffee had 18 locations, up from just four a year ago. It plans to have 78 stores by the end of 2023.
Black Rifle Coffee has total net sales of $ 233 million in 2021 and is expected to grow to $ 315 million this year.
“We believe there is an important opportunity to reach more customers through new channels and additional distribution points,” Smith said in a statement.
In February, Black Rifle was unveiled in a merger with SilverBox Engaged Merger Corp, a special purpose acquisition company (SPAC). The transaction brings the value of the beverage business to approximately $ 1.7 billion.
At the time of the market closure on Tuesday, the company was valued at about $ 1.8 billion.
The company was recently involved in a dispute over the Dallas Cowboys.
The NFL team faced a backlash After announcing a partnership with Black Rifle Coffee the day after the deadly Taken at Highland Park, Illinois.. In a statement, Black Rifle Coffee said the deal with the Cowboys had been in place for a long time.
