More indication of the warmth in the upscale cooler market, Yeti Coolers, LLC, as expected, filed paperwork July 1 with the U.S. Securities and Exchange Commission to potentially raise as much as $100 million through an initial public offering. The Austin, Texas-based company is reportedly looking to expand its brand further, ultimately eyeing a global market for its products.
The stock price and final terms of the offering have not yet been set, but the company plans to trade on the New York Stock Exchange using the ticker symbol “YETI.”
Rumors that the company was preparing to file its IPO paperwork picked up steam earlier in the year when the company began a major real estate expansion plan. The company has leased all of Lincoln Property Co.’s Southwest Parkway development — some 175,000 square feet — which recently broke ground southwest of downtown Austin. The IPO filing states that the company also leases a 35,000 square foot warehouse, and is also working on a 21,000 square foot innovation center as well as an 8,200 square foot “brand experience center.”
Founded in 2006 by brothers Roy and Ryan Seiders, the company had 312 employees as of the end of March, the filing shows. The staggering growth of the company is laid out in detail in the regulatory paperwork. Yeti reported net income of $7.2 million on sales of just under $90 million in 2013, and saw that shoot up to net income of $74 million on sales of $469 million in 2015.
For the first three months of 2016, the company reported a loss of $38 million on sales of $191 million compared to net income of $4.6 million on sales of $52.2 million a year earlier. For the same period, the company reported adjusted EBITDA of $53 million compared to $11 million for the first three months of 2015.
RELATED: Yeti Announced HQ Expansion
