Travis Boersma

Dutch Bros was started by two brothers who quit the dairy industry to sell coffee from a pushcart (equipped with a single espresso machine and a stereo) in the small city of Grants Pass in 1992. It has now grown to more than 470 shops—known for their drive-through only format—spread across 11 states. Still led by one of the brothers, executive chairman Travis Boersma, the family-run business went public on the New York Stock Exchange on Wednesday September 15 2021 in an IPO that raised nearly $500 million and turned Boersma into a billionaire. Boersma owns about 41% of the newly public company, a stake worth $2.5 billion. Thanks to several “anti-takeover” provisions and a multi-tiered share structure, Boersma will retain 74% of the firm’s voting shares. Dutch Bros stopped franchising in 2017, but 56% of Dutch Bros locations are still owned by franchisees. In 2008 the firm had decided to sell franchises only to people within the “Dutch Bros system.” All of the 179 new stores opened since 2018 are operated by shop managers promoted from within. Boersma stepped down as CEO to serve as executive chairman in February and was replaced at the top by Joth Ricci, who joined Dutch Bros in 2019 and previously served as president of Portland-based artisanal coffee brand Stumptown Coffee Roasters from 2013 to 2017.