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Caribou Files $90M IPO

BROOKLYN CENTER, MN-The coffeehouse chain files plans to sell its shares to the public to raise up to $90 million, according to documents filed Tuesday with the Securities and Exchange Commission.

By Jim McCartney | Updated on July 20, 2005

BROOKLYN CENTER, MN-Gourmet coffeehouse operator Caribou Coffee Co. Inc. on Tuesday filed an initial public offering of common stock that could be worth up to $90 million. Caribou did not disclose how many shares it would sell or at what price.

According to documents provided to the Securities and Exchange Commission, Merrill Lynch & Co. and Thomas Weisel Partners will serve as joint book-running managers for the IPO, with SunTrust Robinson Humphrey acting as a co-manager.

According to the SEC documents, Caribou has opened 107 company-operated locations in the past two fiscal years. As of May 29, it had opened 17 coffeehouses in 2005 and has plans to open an additional 63 to 73 coffeehouses this year and 105 to 115 coffeehouses in 2006. The company says it intends to further penetrate those markets in which it already exists, while also expanding into new markets.

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