(Bloomberg) -- Dutch Bros Coffee, backed by consumer-focused private equity firm TSG Consumer Partners, is planning an initial public offering for this year, according to people with knowledge of the matter.
The company, based in Grants Pass, Oregon, is seeking to be valued in an IPO at about $3 billion, the people said, asking not to be identified because the information is private. Dutch Bros has held discussions with potential advisers about a listing, the people said.
A final decision on pursuing an IPO hasn't been made and the company's plans could still change, they said.
Representatives for Dutch Bros and TSG declined to comment.
Dutch Bros, founded by brothers Dane and Travis Boersma in 1992, operates coffee shops in the western U.S.
It sold a minority stake to TSG in 2018, according to a statement at the time. The deal price wasn't disclosed.
At the time of the TSG transaction, Dutch Bros planned to grow to 800 shops by 2023, according to the statement. As of January, the company had 400 locations, it said in a statement. Since the start of the coronavirus pandemic, many of its outlets have been operating on a drive-through only basis.
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