Latham & Watkins Advises on Dutch Bros Inc.’s US$300 Million Offering of Class A Common Stock

Dutch Bros Inc. (NYSE: BROS; Dutch Bros), a high growth operator and franchisor of drive-thru shops, has announced the pricing of an underwritten offering of 11,538,461 shares of its Class A Common Stock at a price to the public of US$26.00 per share. The gross proceeds from this offering are expected to be approximately US$300 million, before deducting underwriting discounts and commissions and other offering expenses payable by Dutch Bros, and assuming no exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on or about September 12, 2023, subject to the satisfaction of customary closing conditions. All of the shares of Class A Common Stock are being offered by Dutch Bros. Dutch Bros has also granted the underwriters a 30-day option to purchase up to an additional 1,730,769 shares of common stock in connection with this offering.

Latham & Watkins LLP represents the underwriters in the offering with a capital markets team led by partners Marc Jaffe, Ian Schuman, Stelios Saffos, and Scott Westhoff, with associates Abid Ahmed, Autumn Dunn, and Emma Gilmore. Advice was provided on tax matters by partner Andrea Ramezan-Jackson, with associate Michael Syku; and on benefits & compensation matters by counsel Rifka Singer.