Dutch Bros’ $556.8 Million Initial Public Offering

Latham & Watkins represented the underwriters in the offering, while Cooley advised Dutch Bros. McDermott Will & Emery represented Travis Boersma, the Co-Founder of Dutch Bros. Coffee.

Dutch Bros executed its initial public offering of 21,052,632 shares of its Class A common stock at a price to the public of US$23 per share. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 3,157,894 shares of Class A common stock from the Company at the initial public offering price. Proceeds from the initial public offering were approximately $556.8 million, before deducting underwriting discounts and commissions and other offering expenses.

The Class A common stock began trading on The New York Stock Exchange under the symbol “BROS” on September 15, 2021

BofA Securities, Inc., J.P. Morgan Securities LLC, Jefferies LLC, Barclays Capital Inc., Piper Sandler & Co., Robert W. Baird & Co. Incorporated, William Blair & Company, L.L.C., Cowen and Company, LLC, Stifel, Nicolaus & Company, Incorporated, AmeriVet Securities, Inc., Penserra Securities LLC, R. Seelaus & Co., LLC, and Tribal Capital Markets, LLC acted as underwriters for the offering.

Dutch Bros is a high growth operator and franchisor of drive-thru shops that focus on serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon.

Latham & Watkins represented the underwriters in the offering with a capital markets team led by New York partners Marc Jaffe, Ian Schuman, and Stelios Saffos, with New York associates Taylor Stevens, Biagio Marino, and Autumn Dunn. Advice was also provided on tax matters by Washington, D.C. partner Andrea Ramezan-Jackson, with New York associate Michael Syku; on data & technology transactions matters by New York partner Jeffrey Tochner; and on benefits & compensation matters by Chicago partner Robin Struve.

The Cooley team was led by Eric Jensen, Alan Hambelton and Dave Peinsipp. It also included Julia Stark, Allison Peth, Reza Safai, Todd Gluth, Stephanie Gentile, Tim Shapiro, Alessandra Murata, Benjamin Clark, Sharon Connaughton, David Navetta, Ehijele E. Olumese, Wendy J. Brenner, Amis Pan, Charlie Kim and Francis R. Wheeler.

The McDermott team was led by Tom Conaghan and Neil Kawashima and included Lindsey Reighard, John Prinzivalli, Gary Karch, Lindsay Heyen, Michael Wilder and Polly Plimpton.

Involved fees earner: Wendy Brenner – Cooley LLP; Benjamin Clark – Cooley LLP; Sharon Connaughton – Cooley LLP; Stephanie Gentile – Cooley LLP; Todd Gluth – Cooley LLP; Alan Hambelton – Cooley LLP; Eric Jensen – Cooley LLP; Charlie Kim – Cooley LLP; Alessandra Murata – Cooley LLP; David Navetta – Cooley LLP; Ehijele Olumese – Cooley LLP; Amis Pan – Cooley LLP; David Peinsipp – Cooley LLP; Allison Peth – Cooley LLP; Reza Safai – Cooley LLP; Timothy Shapiro – Cooley LLP; Julia Stark – Cooley LLP; Francis Wheeler – Cooley LLP; Marc Jaffe – Latham & Watkins; Biagio Anthony Marino – Latham & Watkins; Andrea Ramezan-Jackson – Latham & Watkins; Stelios Saffos – Latham & Watkins; Ian Schuman – Latham & Watkins; Taylor Stevens – Latham & Watkins; Robin Struve – Latham & Watkins; Michael Syku – Latham & Watkins; Jeffrey Tochner – Latham & Watkins; Thomas Conaghan – McDermott Will & Emery; Lindsay Heyen – McDermott Will & Emery; Gary Karch – McDermott Will & Emery; Neil Kawashima – McDermott Will & Emery; Anne Plimpton – McDermott Will & Emery; John Prinzivalli – McDermott Will & Emery; Lindsey Reighard – McDermott Will & Emery; Michael Wilder – McDermott Will & Emery;

Law Firms: Cooley LLP; Latham & Watkins; McDermott Will & Emery;

Clients: AmeriVet Securities; Bank of America Securities; Barclays Capital ; Boersma Travis; Cowen and Company; Dutch Bros; J.P. Morgan Securities LLC; Jefferies; Penserra Securities; Piper Sandler; R. Seelaus & Co.; Robert W. Baird & Co.; Stifel, Nicolaus & Company, Incorporated; Tribal Capital Markets; William Blair & Company, L.L.C.;