This Minnesota Restaurant Chain Now in Danger of Being Sold
It's a successful chain that was founded here and has been in business in Minnesota for over 30 years but this group of restaurants could soon be sold.
Minnesota is home to a lot of well-known and successful companies, whether they're big corporate conglomerates (looking at you, Cargill, and General Mills) or more well-known brands (that would be you, Target, and Best Buy.)
Earlier this year, Forbes revealed that 17 companies headquartered here in our neck of the woods were included on their Fortune 500 list. Familiar Minnesota names like United Health Group, Target, CHS, Best Buy and 3M all made that impressive list this year.
Caribou Coffee is another one of those beloved brands that also got its start right here in the Land of 10,000 Lakes. And while Caribou isn't leaving the Bold North anytime soon, it could soon be sold.
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Caribou is a company that has deep roots here in the Gopher State. According to the Caribou Coffee website, the popular coffee chain was founded by John and Kim Puckett in Minnesota back in 1992. And since its founding 32 years ago, it's grown quite a bit:
Our company headquarters and roastery are still located in Minnesota today and we serve guests in more than 700 coffeehouses worldwide. Caribou Coffee products are also available in all 50 states across grocery stores, mass retailers, club stores, foodservice providers, hotel, entertainment venues and online.
The Puckets ended up taking Caribou public back in 2005. Then, in 2012, the firm was taken private again when it was sold to German private equity company JAB Holdings for $340 million, according to Nation's Restaurant News. It's currently run by Panera Brands.
But now, though, that familiar Minnesota brand could be changing hands, as Panera Brands is apparently considering putting the chain up for sale. According to this Reuters story:
Panera Brands is exploring a sale of Caribou Coffee and Einstein Bros Bagels, as well as its other bagel brands, in a deal that could value the restaurant chains at more than $1.5 billion, sources said.
The story didn't say if any parties were interested in buying the Caribou chain, or what a sale might mean for any of its many locations here in Minnesota. Speaking of selling though, you might remember that back in December, Caribou's very first, original store, located at 4408 France Avenue South in Edina, closed permanently as the site was put up for sale.
In case you're curious, a listing from Colliers Global Real Estate Services says that the first Caribou site (which is also referred to as the Sunnyside Shoppes) offers 1,047 square feet of retail space and includes the following highlights:
• Rare France Ave storefront in the 44th and France trade area
• Some restaurant grade improvements from Caribou use
• Lower level office and storage available
• Off-street parking behind the building for employees and customers
Hopefully, even if it has new owners, things won't change for Caribou Coffee locations here in the Gopher State! And speaking of things that have closed, though, keep scrolling to check out 50 beloved retail chains that no longer exist!
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LOOK: 50 Beloved Retail Chains That No Longer Exist
Gallery Credit: Madison Troyer
