Caribou Coffee

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Caribou Coffee Company
Type Public (NASDAQ: CBOU)
Industry Restaurants
Retail Coffee and Tea
Retail Beverages
Founded 1992
Headquarters Brooklyn Center, Minnesota, U.S.
Key people Mike Tattersfield, CEO
Revenue increase $262 million USD (2009)[1]
Net income increase $5.14 million USD (2009)[1]
Employees 6,000+ employees.[1]
Website cariboucoffee.com

Caribou Coffee Company (NASDAQCBOU) is a specialty coffee and espresso retailer, the second largest in the United States[2] after Starbucks. Caribou sells coffee, tea, and bakery goods in 415 company-owned coffeehouses in 16 states and the District of Columbia, as well as 126 franchise locations worldwide.[3]

Contents

[edit] History

The original location, "44th and France" or Store 101, is located in Edina, Minnesota.[4]

In 1990, on a trip to Denali National Park in Alaska, Caribou Coffee was imagined by newlyweds John and Kim Puckett. The couple raised money to start the first Caribou Coffee shop in Edina, Minnesota, a suburb of Minneapolis, in 1992. Following several years of mixed performance, the Pucketts sold their controlling interest in the company in 1998 for $120 million to Atlanta-based Crescent Capital, which has since changed its name to Arcapita.

Since opening, the chain has expanded to 415 locations in 16 states and the District of Columbia,[5] making it the second-largest operator of non-franchised coffeehouses in the United States, after Starbucks Corporation. This includes 24 licensed locations in the U.S. and two overseas markets. Caribou maintains its headquarters and coffee-roasting facility in the Minneapolis metropolitan area.

Arcapita was Caribou Coffee's majority shareholder. In 2002 Yusuf al-Qaradawi's involvement[6] with the bank led to a protest of Caribou Coffee. That same year al-Qaradawi stepped down as chairman of the bank's Sharia board.[7] In 2005 Arcapita completed an IPO of Caribou. On September 28, 2005, Caribou Coffee became a publicly traded company. In 2011, Arcapita sold their shares of Caribou Coffee. As of September 30, 2011 no one entity owns more than 8% of Caribou's outstanding shares.[8]

On February 28, 2010, Caribou announced a corporate-wide rebranding, and began using their new "coffee bean caribou" logo officially on March 1, 2010.[9]

[edit] Partnerships

Caribou is in a partnership with the Rainforest Alliance. Caribou is planning to offer only coffees that are composed of 100% Rainforest Alliance certified beans by the end of 2011.[10]

[edit] See also


[edit] References

[edit] External links

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