Black Rock Coffee Bar Reportedly Files Confidentially for IPO
Black Rock Coffee Bar press release photo promoting a July opening in Stafford, Texas.
After several years of rapid retail expansion throughout the western United States, Black Rock Coffee Bar has reportedly filed confidentially for an initial public offering in New York.
According to sources in a Reuters report, targeted valuation for the IPO is in excess of $1 billion.
It would be the first IPO from a U.S. coffee company since 2022. Recent public offerings in the coffee retail sphere include Dutch Bros., which raised nearly $500 million through an IPO in 2021, and Black Rifle Coffee Company, which went public in 2022 through a special-purpose acquisition company (SPAC) merger of $1.7 billion.
Coffee-adjacent Panera Brands — the owner of Panera Bread, Caribou Coffee and Einstein Bros. — as well as Dunkin’ owner Inspire Brands have each flirted with IPOs in recent years, although neither has come to pass.
Reuters reported that JPMorgan Chase, Jefferies Financial and Morgan Stanley are working on the Black Rock IPO, which could happen “as soon as this year,” sources said. Black Rock Coffee Bar has not yet replied to DCN’s request for comment.
Black Rock Coffee Bar was founded in 2008 in Beaverton, Oregon by Jeff Hernandez and Daniel Brand, and subsequently expanded to 157 company-owned locations Arizona, California, Colorado, Idaho, Oregon, Texas and Washington, as of July 16.
In 2023, the company named longtime fast food executive Mark Davis CEO, while announcing plans to open 100 new stores by 2026.
Comments? Questions? News to share? Contact DCN’s editors here. For all the latest coffee industry news, subscribe to the DCN newsletter.
Related Posts
