Deal Details

Black Rock Coffee Bar Completes $338.2 Million Initial Public Offering

Consumer

Black Rock Coffee Bar initial public offering

Summary

Black Rock Coffee Bar, Inc. (“Black Rock Coffee Bar”), a portfolio company of The Cynosure Group ("Cynosure"), recently completed its initial public offering of 16,911,764 shares of its Class A common stock, which includes the exercise in full by the underwriters of their option to purchase 2,205,882 additional shares, at a price to the public of $20.00 per share. All of the shares were offered by Black Rock Coffee Bar. The aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses were $338.2 million. Black Rock Coffee Bar intends to use the net proceeds from the offering to redeem outstanding preferred LLC units, paydown debt and for general corporate purposes.

Baird served as an active bookrunner on this transaction.

About

Black Rock Coffee Bar is a high-growth operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas. Black Rock Coffee Bar was founded in 2008 in Beaverton, Oregon. What started as a single 160 square foot coffee bar in 2008 is now one of the fastest growing beverage companies in the United States by revenue and the largest fully company-owned coffee retailer in the country, with more than 150 locations spanning seven states from the Pacific Northwest to Texas. Black Rock Coffee Bar is headquartered in Scottsdale, Arizona.

Cynosure is a diversified investment firm that supports institutions, family offices, foundations, endowments and like-minded investors who are seeking to build their wealth and maximize their impact in the world. With offices in Salt Lake City and New York City, Cynosure has $8.6 billion in regulatory assets under management across several strategies. Cynosure’s private direct investment business, Cynosure Partners, targets partnerships with founders and management-owners of profitable small to mid-sized North American-based companies who will remain meaningful owners of their business. Cynosure offers investors a differentiated solution to companies in the financial services, industrials and consumer sectors. Cynosure is headquartered in Salt Lake City, Utah.