Yeti (American company)

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YETI
Public
Traded asNYSEYETI
Founded2006
FoundersRyan and Roy Seiders
Headquarters,
USA
ProductsCoolers, drinkware, gear
Websitewww.yeti.com

YETI is an Austin, Texas-based manufacturer of outdoor lifestyle products such as ice chests, vacuum-insulated stainless-steel drinkware, soft coolers, and related accessories.[1]

History[edit]

Brothers Ryan and Roy Seiders grew up in Driftwood, Texas, and spent their entire childhood outdoors. Their father was an entrepreneur who designed and built fishing rods. Ryan graduated from Texas A&M University in 1996 and Roy graduated from Texas Tech University in 2000.[2]

Roy, an angler and hunter, began his career making custom boats for fishing the Texas Gulf Coast after graduating from Texas Tech.[3] In 2006, Ryan sold Waterloo Rods, the company he had owned and operated for nine years.[4] The avid outdoorsmen became frustrated with the quality of the coolers available and founded YETI that same year to invent their own high-end cooler in response.

In June 2012, two-thirds stake of the company was purchased by private equity firm Cortec Group for $67 million.[5][6]

In July 2016, the company filed with the Security and Exchange Commission for an initial public offering with plans to list on the New York Stock Exchange under the "YETI" symbol.[7] The company was seeking a valuation of $5 billion and hoped to raise $100 million, but retracted the IPO two years later, in March 2018, citing "market conditions".[8][9]

In April 2018, the National Rifle Association, via its National Rifle Association Institute for Legislative Action, announced that YETI had cut ties[10] with the NRA Foundation,[11] a 501(c)(3) foundation established in 1990 to "defend and foster the Second Amendment rights of all law-abiding Americans". The NRA then dropped YETI as its official supplier of coolers. This led to a backlash from NRA members, leading some to destroy YETI products they had already purchased.[12] YETI released a statement in response claiming the company was "eliminating a group of outdated discounting programs" and had "offer[ed] [the NRA] an alternative customization program broadly available to consumers and organizations, including the NRA Foundation".[13]

Products[edit]

The company targets niche markets of high-end hunting and fishing enthusiasts.[14] YETI sponsored professional outdoorsmen[15] and hunting and fishing shows.[16] YETI is also a primary sponsor of PBR bull riding.

Coolers[edit]

Yeti Hopper bag

YETI's "Tundra" series of coolers ranges from 20 quarts to 350 quarts. The Tundra line can be locked with two padlocks, making it certified bear-resistant according to the Interagency Grizzly Bear Committee.[17]

YETI also makes soft-sided coolers called the "Hopper" series.[citation needed]

Other products[edit]

YETI sells drinkware products under the "Rambler" line ranging from 10 ounces to 36 ounces in size.[18] The company also makes an ice bucket called the "YETI Tank".[citation needed]

Sales[edit]

YETI sells their products in over 6,000 retailers such as West Marine, Bass Pro, Cabelas, REI, and Dicks Sporting Goods. YETI’s earnings in 2015 were $14.2 million and in 2016 were $72.2 million.[19] YETI's sales increased from $147.7 million in 2015 to $468.9 million in 2016.[8]

References[edit]

  1. ^ "Speaking of YETI". Angling Trade. Retrieved July 30, 2015.
  2. ^ Saporito, Bill. "How Two Brothers Turned a $300 Cooler Into a $450 Million Cult Brand". inc.com. Retrieved November 18, 2016.
  3. ^ "Playing it Cool: The Founders of YETI Coolers". ATXMan. Retrieved October 1, 2013.
  4. ^ "The Most Expensive, Bear-Proof, Thief-Baiting Way to Keep Your Beer Cold". Bloomberg. Retrieved October 17, 2013.
  5. ^ Jarzemsky, Matt (September 24, 2016). "Yeti: How a $67 Million Investment Became a $3.3 Billion Windfall". The Wall Street Journal. News Corp. ISSN 0099-9660. Archived from the original on May 8, 2018. Retrieved May 8, 2018.
  6. ^ Calnan, Christopher (June 22, 2012). "Funding details on Yeti Coolers acquisition disclosed". Austin Business Journal dead-url=no. Advance Publications. Archived from the original on January 20, 2014. Retrieved 8 May 2018.
  7. ^ "YETI Holdings (YETI) Files for $100M IPO". Street insider. 1 July 2018. Archived from the original on January 2, 2018. Retrieved 3 May 2018.
  8. ^ a b Gintzler, Ariella (March 27, 2018). "Yeti Coolers Withdraws Its IPO". Outside. Archived from the original on 28 March 2018. Retrieved May 3, 2018.
  9. ^ Farrell, Maureen; Jarzemsky, Matt (October 26, 2016). "Yeti May Delay IPO and Bring In More Private Money". The Wall Street Journal. Archived from the original on May 3, 2018. Retrieved May 3, 2018.
  10. ^ NRA-ILA. "NRA-ILA - Florida Alert: YETI Drops NRA Foundation". NRA-ILA. Retrieved 6 January 2019.
  11. ^ Foundation, N. R. A. "NRA Foundation". www.nrafoundation.org. Retrieved January 6, 2019.
  12. ^ https://www.washingtonpost.com/news/morning-mix/wp/2018/04/24/nra-supporters-are-blowing-up-yeti-coolers-yeti-says-its-all-a-big-mistake/
  13. ^ "YETI Official Statement". www.yeti.com. Retrieved January 6, 2019.
  14. ^ "How YETI Made a Cooler an Aspirational Brand". AdAge. Retrieved October 6, 2014.
  15. ^ "Gear - Cameron Hanes." N.p., n.d. Web. 24 Oct. 2016.
  16. ^ Rodriguez., Ashley. "How Yeti Made a Cooler an Aspirational Brand". Advertising Age CMO Strategy RSS. N.p., 6 Oct. 2014. Web. 18 October 2016.
  17. ^ Goggans, Ashton. "Yeti's Crazy Coolers". surfermag.com. Retrieved November 18, 2016.
  18. ^ Michels, Patrick. "A Brief History of Yeti Coolers". Retrieved November 18, 2016.
  19. ^ Minaya, E. (2016). Yeti, maker of coolers and Rambler mug, files for IPO. Retrieved October 18, 2016

Further reading[edit]