Black Rifle Coffee Company
Courtesy: Black Rifle Coffee Company
black rifle coffeeA veteran-founded beverage company that went public earlier this year said Tuesday that it has named former Office Depot and Wendy’s CEO Roland Smith as its executive chairman, effective immediately.
Smith, who is already a member of Black Rifle Coffee’s board of directors, took on the role of working closely with the company’s C-suite to help businesses open new brick-and-mortar locations and promote direct sales to businesses. I am moving forward.
Smith was CEO of Wendy’s in 2011, and headed Office Depot from November 2013 to February 2017. Smith was appointed CEO of Office Depot shortly after completing the merger agreement with OfficeMax. At the time, they had a reputation for transforming businesses, including grocery chain Food Lion.
A spokesman said he is taking over the chairmanship of Black Rifle Coffee from founder Evan Hafer, who will continue in his role as CEO and a large shareholder. The representative added that co-CEO Tom Devin will also remain with the company.
Black Rifle Coffee, founded in 2014 and based in Salt Lake City, is known for selling firearms-themed coffee products such as “AK-47 Espresso Blend” and “Murdered Out Coffee Roast.” Most of its sales are done online, and it also sells through major retailers such as walmart,
At the end of the first quarter of 2022, Black Rifle Coffee had 18 positions, up from just four a year ago. It has said it plans to open 78 stores by the end of 2023.
Black Rifle Coffee had total sales of $233 million for 2021, and has guided for revenue of $315 million this year.
“I see significant opportunities for us to reach more customers through new channels and additional distribution points,” Smith said in a statement.
In February, Black Rifle went public through a merger with Silverbox Engaged Merger Corp., a special purpose acquisition company, or SPAC. The deal valued the beverage business at approximately $1.7 billion.
As of Tuesday’s market close, the company was valued at about $1.8 billion.
The company was recently embroiled in a controversy involving the Dallas Cowboys.
NFL team faced backlash After announcing a partnership with Black Rifle Coffee just a day after the fatal Shooting in Highland Park, Illinois, Black Rifle Coffee said in a statement that the deal with the Cowboys was long overdue.