The company has no plans to pay a dividend on Class A and Class D shares. See: Busy IPO market this week poised to make 2021 the biggest year ever by proceeds A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion. is an emerging growth company, which means it does not have to make the same disclosures required of bigger public companies. The business was impacted by COVID-19 as well as wildfires in the Northwest during 2020.ĭutch Bros. check is $7.50, and average unit volume (AUV) in 2020 was $1.7 million. Revenue rose to $327.4 million from $238.4 million. Net income in 2020 totaled $5.73 million, down from $28.39 million in 2019. Revenue fell to $227.9 million from $327.4 million.
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The company had a pro forma consolidated net loss of $13.6 million, or 32 cents a share, in the first six months of the year, narrower than the loss of $16.5 million, or 38 cents a share, posted in the year-earlier period. She is the former chief executive of Chico’s FAS Inc.Īnd served in a number of executive roles at Walmart Inc. Shelley Broader joined the board in August. Including senior vice president of finance for Starbucks Reserve and Roastery, global digital and store development. Prior to that, he held several positions at Starbucks Corp.
From July 2018 to December 2019, he served as CFO of CKE Restaurant Holdings Inc., parent company to Carl’s Jr. And from February 2013 to April 2017, he was president of Stumptown Coffee Roasters.Īlso: Warby Parker IPO: 5 things to know about the affordable eyeglass maker before its direct listingĬharles Jemley has been chief financial officer since August 2021. From April 2017 to January 2019, he was the CEO of Adelsheim Vineyard. Joth Ricci has served as chief executive since August 2021. Dane Boersma was diagnosed with ALS in 2004 and succumbed to the illness five years later.Ĭhief Operating Officer Brian Maxwell is Travis Boersma’s brother-in-law and Chief Administrative Officer Christine Schmidt is his sister-in-law. Travis Boersma is the co-founder and executive chairman of Dutch Bros. launched an app in 2021 and has a loyalty program with 2.3 million members.
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There are also walk-up windows and patios for those who want to drink their orders on the premises.ĭutch Bros. New shops are usually 865-to-950 square feet with lots spanning at least 25,000 square feet with double or single drive-through windows.
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Together, the company and its franchises employ 16,500 workers, including “broistas” who run to cars before they arrive at the drive-through armed with tablets to take orders and answer questions, chat with regular customers, offer pet treats and even a free drink to those who could use it. “While we maintain great relationships with our existing franchise partners and they continue to open new shops as they look to infill their high-demand markets, the majority of our growth is expected to continue to come from company-operated shops,” the company said in its prospectus. As of June 30, 2021, there were 264 franchised shops and 207 company-operated locations. In 2017, the company stopped franchising all together and moved to a company-operated model. is a franchise business, however the company stopped selling franchises to those outside of the existing network in 2008. The company entered Texas and Oklahoma during the first half of 2021.ĭutch Bros. Eventually they bought a pushcart, then a drive-through location, and now there are 471 drive-through coffee locations in 11 states including Washington, Oregon, Idaho and California. Launched after the Boersmas determined that the prospects for dairy farming were low. It is also a controlled company, with co-founder Travis Boersma owning 74.4% of the voting power, and the company’s sponsor, TSG Consumer Partners, holding all of the Class C shares.įounded in 1992 by brothers and third-generation farmers Travis and Dane Boersma, Dutch Bros. Proceeds are to be used to purchase additional Class A shares - the company is planning to have four classes of stock with differing voting rights. Eastern for 2.6 million shares.īofA Securities, JPMorgan and Jefferies were lead underwriters in a syndicate of 13 banks working on the deal.
The stock’s first trade on the NYSE was at $32.50 at 12:20 p.m.
The company sold 21.05 million shares in the IPO to raise $484.2 million at a valuation of about $3.7 billion. The stock, which is trading on the New York Stock Exchange under the ticker “BROS,” opened 41% above the $23 IPO issue price, which was itself above the proposed price range of $18 to $20.
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