Yeti Sets Terms for its Renewed IPO

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Yeti

Yeti Holdings, Inc. (NYSE: YETI)

Yeti Holdings, Inc, a high-end cooler maker based in Austin, has set the terms of its $400 million initial public offering. The company intends to offer 20 million shares of its common stock at price of between $19 and $21 per share.

Underwriters on the offering have been given a 30-day option to buy an additional 3.0 million shares. At the midpoint of the proposed price range, the company would raise $400 million and command a fully diluted market value of $1.7 billion.

Shares of the company will list under “YETI” ticker symbol on the New York Stock Exchange. The shares are expected to price this year during the week of Oct. 22.

Goldman Sachs, Merrill Lynch, Jefferies, Morgan Stanley, Baird, Stifel, Piper Jaffray, Citigroup, Keybanc, Academy Securities, Raymond James, and William Blair are the underwriters for the offering.

Yeti initially filed its IPO paperwork about two years ago, but backed out of the deal in March of this year. According to its new filings, the company withdrew from its first offering because of weak market conditions that had started to escalate at the time.

The company makes durable coolers and drinking products that are ideal for many outdoor activities, such as boating and camping. It sells the products through independent and national retail partners, as well as direct-to-consumer.

The company generated revenues of $727 million for its fiscal 2018 full-year that ended on June 30.

Yeti was founded by brothers Ryan and Roy Seiders twelve years ago. Matthew Reintjes, an alumnus of the University of Virginia, has managed the company as its chief executive officer since 2015.

Reintjes also previously held leadership positions at Danaher Corp. and Vista Outdoor Inc. before joining Yeti.

Yeti was acquired by Cortec Group Management Services LLC in 2012. Cortec is expected to own a controlling stake of 51.4% and 43 million shares after the offering.

Yeti Holdings, Inc. Company Profile

Yeti Holdings, Inc. designs, markets, and distributes products for the outdoor and recreation market under YETI brand in the United States.

The company’s products are designed for use in various outdoor activities, including recreational and professional pursuits targeting various categories, including hunting, fishing, camping, barbecue, farm and ranch activities, and others.

It offers coolers and equipment, including hard coolers, soft coolers, and associated accessories; and drinkware under the Rambler brand, as well as hats, shirts, bottle openers, and ice substitutes.

The company distributes its products through independent retailers, including outdoor specialty, hardware, farm and ranch supply stores, and others, as well as through the website. Yeti Holdings, Inc. was founded in 2006 and is headquartered in Austin, Texas. – Bloomberg

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