Stryve Business Combination with Andina Acquisition Corp. III
Transaction Summary
Stryve
Transaction Structure
•
Andina Acquisition Corp. III
("Andina") has proposed to
enter into a business
combination with Stryve Foods,
LLC. ("Stryve” or the
"Company"), a healthy
snacking platform
Transaction is expected to
close in Q2 2021
Post-closing Company will
retain the Stryve name
Raised $53M of fully
committed capital as part of
the transaction
Valuation
•
Transaction implies a pro forma
enterprise value of $170M
3.7x based on projected
2021F net revenue of $46M
1.8x based on projected
2022F net revenue of $92M
Existing Stryve shareholders will
receive ~55% of the pro forma
equity(1)
Capital Structure
•
Transaction will be funded by a
combination of Andina cash held
in trust account, equity roll-over
from existing Stryve ownership,
and proceeds from the PIPE and
convertible bridge note
Transaction expected to result in
~$58M net proceeds to Stryve
16g PROTEIN
Og TOTAL SUGAR
ORIGINAL
Stryve
BEEF
BILTONG
AIR-DRIED BEEF SLICES
NET WT 22 )
O, R
14, PROTEIN
O.UAR
14, PROTEIN
BILTONG
Strype BILTONG
O, AR
14, PROTEIN
Struve BILTO
CINAL
BILT
14, PROTEIN
Siruv
(1)
See slide 31 for key assumptions and additional detailsView entire presentation