Outdoor-gear supplier Yeti takes 2nd crack at IPO

Published 12:00 am Thursday, October 4, 2018

AUSTIN, Texas — Yeti Holdings, maker of “built-for-the-wild” coolers, is taking another crack at an IPO.

The company, which sells high-end coolers, drinkware and outdoor gear, has filed with the U.S. Securities and Exchange Commission to raise up to $100 million in an initial public offering.

However, according to Renaissance Capital, that deal size is likely a placeholder for an IPO that the research firm estimates could raise upwards of $300 million.

Yeti previously filed to raise the same amount in July 2016 but withdrew its filing in March, citing market conditions.

Yeti was founded in 2006 by brothers Roy Seiders and Ryan Seiders who broke out with coolers for the luxury outdoor market rather than for mass discount retailers.

In 2012, they sold majority ownership in Yeti to private equity firm Cortec Group Management Services LLC.

Yeti has expanded from its original niche of avid hunters and fishermen to a larger mainstream audience in recent years.

“Our loyal customers act as brand advocates,” the company said in its prospectus. “While we have continued to invest and remain true to our heritage hunting and fishing communities, our customer base (from 2015 to 2018) evolved from 69 percent hunters to 38 percent during the same time period as our appeal has broadened beyond those heritage communities.”

Yeti is also reaching more women, according to the prospectus. Between 2015 and 2018, its base of female customers grew from 9 percent to 34 percent, the company said.

In February, Yeti, which sells its products in retail stores and online, opened its first branded brick-and-mortar store in Austin.

According to the new filing, Yeti generated $727 million in revenue for the 12-month period that ended June 30.

Yeti plans to list on the New York Stock Exchange under the ticker “YETI.”

Bank of America Merrill Lynch, Morgan Stanley, Jefferies, Baird, Piper Jaffray Cos, Citi and Golden Sachs are the joint bookrunners on the deal.

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