Who is in the mood for some coffee? The coffee chain Dutch Bros is eyeing an IPO that should raise more than $421m on the New York Stock Exchange (NYSE). The company, backed by private equity firm TSG, aims for a $3.3b valuation — that’s quite a number for grinding coffee beans! TSG bought a minority stake in the company for an undisclosed amount back in 2018.
Since its first coffee chain in 2000, Dutch Bro’s has opened 470 drive-thru coffee locations in 11 states and employs over 16,500 people. Despite Covid-19 restrictions and west coast wildfires, the Oregon-based company cashed in $47.1m in revenue for the first half of 2021 — that’s a 13% increase compared to 12 months ago.
why it matters
Dutch Bro's story demonstrates that the American dream lives on. Dane and Travis Boersma started by giving out free samples of coffee from a pushcart of a railroad track.