Caribou Coffee Company (NASDAQ: CBOU) is a specialty coffee and espresso retailer, the second largest in the United States after Starbucks. Caribou sells coffee, tea, and bakery goods in 415 company-owned coffeehouses in 16 states and the District of Columbia, as well as 126 franchise locations worldwide. In 1990, on a trip to Denali National Park in Alaska, Caribou Coffee was imagined by newlyweds John and Kim Puckett. The couple raised money to start the first Caribou Coffee shop in Edina, Minnesota, a suburb of Minneapolis, in 1992. Following several years of mixed performance, the Pucketts sold their controlling interest in the company in 1998 for $120 million to Atlanta-based Crescent Capital, which has since changed its name to Arcapita. Since opening, the chain has expanded to 415 locations in 16 states and the District of Columbia, making it the second-largest operator of non-franchised coffeehouses in the United States, after Starbucks Corporation. This includes 24 licensed locations in the U.S. and two overseas markets. Caribou maintains its headquarters and coffee-roasting facility in the Minneapolis metropolitan area. Arcapita was Caribou Coffee's majority shareholder.
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