Stewart’s All American Corp. announced on Monday that the company has signed a letter of intent for an initial public offering of its common stock with a FINRA member investment banking firm. Stewart’s intends to file a registration statement with the Securities and Exchange Commission later in the second quarter of 2017.
In 1924, Frank Stewart set out to create the world’s creamiest, best tasting root beer. Together with a chemist, blending 20 different extracts of roots, herbs, and berries, their special blend became an immediate hit. To supplement his teacher’s salary, Frank opened his first restaurant in Mansfield, Ohio. Over the years, juicy hamburgers, delicious frankfurters, tasty french fries with toppings, local specialties, and the World Famous Stewart’s Root Beer Float were added to the menu. Many restaurants opened up, mostly as car-hops throughout the United States. Today, Stewart’s has over 30 locations principally in the Northeast United Stated. These locations include Stewart’s All American Restaurants (full-service sit down and drive-in restaurants), Stewart’s All American Grills (perfectly situated for mall food court locations) and express kiosks.
No two Stewart’s Restaurants look exactly alike, but you can always expect to enjoy traditional American food and Stewart’s beverages with local fare at a “family-friendly” price.
Proceeds from the offering will be used for opening new company training stores as well as expanding executive staff to take advantage of franchising on a national basis and for operating capital.
Over the years Stewart’s has cultivated significant brand awareness relative to the small number of Stewart’s operated. Dr Pepper Snapple Group (NYSE: DPS) today markets and distributes Stewart’s premium bottled sodas throughout the United States. People love the variety of Stewart’s signature sodas, including but not limited to our famous Stewart’s Root Beer, unique Stewart’s Orange ‘n Cream, delicious Stewart’s Black Cherry and tasty Stewart’s Cream Soda, just to name a few.
According to the company, “We have worked tirelessly to establish a genuine connection with our guests and integrate into their communities through investment in innovative marketing and programming. We continue to update and improve the store design and appearance making it appealing for the fast casual market. The experience that we provide for our guests and local communities has generated a growing loyal following who promote our brand through word-of-mouth. We believe that this classic brand awareness will continue to fuel our growth in existing and new markets as we continue to develop new franchise locations moving forward.”
More about Stewart’s history can be read at this location online.
Source: Press Release – Photo: Creative Commons License