业务介绍Coffee chain$Dutch Bros Inc. (BROS.US) $(Dutch Brothers Coffee) recently updated the prospectus, planning to issue about 21.05 million shares at a price range of $18 to $20 per share, seeking to raise up to $421 million. According to previous media reports, the coffee chain was valued at more than $3 billion.
The offering is led by Bank of America Corporation, JPMorgan Chase & Co and Jeffery Financial Group, which chose to list on the New York Stock Exchange under the symbol "BROS".
Business introduction
Dutch Brothers Coffee (Dutch Bros), headquartered in Grantz pass, Oregon, USA, was founded by the Dane and Travis Boersma brothers in 1992 as a double-headed espresso machine and a wheelbarrow in Grantz pass, Oregon. After 30 years of development, the company currently operates more than 470 cafes in 11 states, mainly in the western United States.
According to the prospectusDutch Bros is one of the fastest-growing brands in the US catering service and catering industry by the number of restaurants opened.In the past five and a half years, the number of Dutch Bros stores has increased from 254 stores in seven states at the end of 2015 to 471 stores in 11 states on June 30, 2021.
Financial overview
From 2018 to 2020, the company's total revenue was $186 million, $238 million and $327 million, respectively, representing a compound annual growth rate of 33%. Adjusted EBITDA grew from $39.6 million in 2018 to $69.8 million in 2020.
In the first half of 2021, the company recorded total revenue of $228 million, compared with an adjusted EBITDA of approximately $45.8 million.
Shareholder lineup
It is worth noting thatDutch Bros received investment from TSG Consumer Partners, a mainstream private equity fund, in its early years.
TSG is a private equity firm founded in 1987, focusing on investing in consumer brands, including potato chip brand popchips, fitness food Muscle Milk, health drink vitaminwater, gym chain Planet Fitness, bicycle brand CanyonBicycles, online celebrity coffee shop Stumptown, craft beer Pabst and BrewDog, winery brand Duckhorn Wine, makeup rookie ITCosmetics, e.l.f.cosmetics, SmashboxCosmetics and so on.
According to the prospectus, Travis Boersma, the company's co-founder and executive chairman, will have about 74 per cent of the shareholders' voting rights after the IPO; TSG will have 22.2 per cent of the voting rights.
Edit / Aurora
