Sweetgreen, which operates a chain of fast casual salad restaurants, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
Sweetgreen states that it is one of the fastest-growing restaurant companies in the US by revenue. As of September 26, 2021, the company owned and operated 140 restaurants in 13 states and Washington, DC, and it grew its restaurant presence at a 27% CAGR from 2014 to 2020. It offers a "plant-forward" menu, and its end-to-end supply chain begins with more than 200 domestic food partners, such as farmers and bakers.
The Los Angeles, CA-based company was founded in 2006 and booked $303 million in sales for the 12 months ended September 30, 2021. It plans to list on the NYSE under the symbol SG. Sweetgreen filed confidentially on June 17, 2021. Goldman Sachs, J.P. Morgan, Allen & Company, Morgan Stanley, Citi, Cowen, Oppenheimer & Co., RBC Capital Markets, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
