Caribou’s Largest Shareholder to Sell 29% Stake
The largest shareholder of Caribou Coffee Company, Inc., plans to sell its roughly 29 percent stake in the Brooklyn Center-based coffeehouse operator.
Arcapita Bank, B.S.C.-an affiliate of Caribou Holding Company Limited-is offering 5.15 million shares of common stock through a public offering and will grant the underwriters an option to purchase up to 772,245 additional shares to cover over-allotments.
Caribou Coffee Company said that it won't receive any proceeds from the offering.
According to the Star Tribune, Caribou Holding has been a shareholder of Caribou Coffee Company since before its initial public offering in 2005.
Caribou Holding reportedly owned as much as 58 percent of Caribou Coffee Company in 2010 until it sold 5.75 million shares, or $56 million of its holdings, at $9.75 per share.
Caribou Coffee Company is among Minnesota's 60-largest public companies based on revenue, which totaled $284 million in 2010.