Armory Securities, LLC is pleased to announce the successful closing of the acquisition of Clutch Coffee Bar (“Clutch Coffee”) by Dutch Bros Inc. (NYSE: BROS). Clutch Coffee is a regional drive-thru coffee platform operating 20 locations across North Carolina and South Carolina. The transaction closed in January 2026. Armory served as the exclusive financial advisor to Clutch Coffee in connection with the transaction.
Founded in 2018 and headquartered in Mooresville, North Carolina, Clutch Coffee has developed a strong regional presence through a differentiated drive-thru operating model and a focus on customer engagement and community connection. The Company’s portfolio has grown to 20 locations currently open and in development and represents a scaled and strategically attractive platform in the Carolinas.
Clutch’s cofounder and CEO, Darren Spicer, began his coffee career at Dutch Bros years ago, learning firsthand the power of “culture, quality, and great customer service” and added “…this acquisition represents a full-circle moment.”
Dutch Bros is one of the fastest growing brands in the U.S. quick service beverage industry with over 1,080 locations across the U.S., with the stated goal of reaching 2,029 locations by 2029. The transaction represents Dutch Bros first corporate acquisition and a spokesperson added “as a fellow brand built on human connection, we deeply respect what the Clutch Coffee Bar leadership team has built and look forward to building on that strong foundation in the Carolinas.”
For information on this transaction or about Armory Securities, please contact one of the following deal team members:
Nicole Nugent
Managing Director
nnugent@armorysecurities.com
310.993.4761
Ron Papile
Director
rpapile@armorysecurities.com
818.967.6480
Armory Securities, a division of Armory Group, LLC, is a leading investment bank dedicated to helping middle market companies and their constituents. Armory Group, through its subsidiaries, provides investment banking services, asset management services and advisory services, including enterprise transformation and interim management, to middle market companies and their stakeholders. Learn more about Armory Group, and its subsidiaries, at www.armorygroupllc.com.
Armory Securities, LLC, member FINRA, Member SIPC