Sweetgreen’s $364 Million Initial Public Offering

Latham & Watkins represented the underwriters in the offering while Cooley LLP represented sweetgreen.

Sweetgreen, Inc. executed its initial public offering of Class A common stock at the price to the public of US$28 per share. Sweetgreen offered 13,000,000 shares of its Class A common stock. The shares began trading on the New York Stock Exchange on November 18, 2021 under the symbol “SG”.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Allen & Company LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Cowen and Company, LLC, Oppenheimer & Co. Inc., RBC Capital Markets, LLC, William Blair & Company, L.L.C., AmeriVet Securities, Inc., and Blaylock Van, LLC acted as undewriters for the offering.

Founded in 2006, salad chain Sweetgreen has found a loyal customer base with its menu of customizable salads and warm bowls that appeal to consumers looking for healthy, convenient options. The chain has also leaned into technology, pushing its customers to order their salads online to cut down on lines inside restaurants. More than two-thirds of its revenue comes from digital sales.

Latham & Watkins represented the underwriters in the offering with a capital markets team led by New York partner Michael Benjamin and Bay Area partner Rick Kline, with New York associates Taylor Stevens, Kathleen Mehary, Ian Lachow, and Shira Mendelsohn. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim, with Washington, D.C. associate Ben Cheatham; and on benefits & compensation matters by New York partner Bradd Williamson, with Chicago associate Jina Davidovich.

Partners Nick Hobson, David Peinsipp, Siana Lowrey and Charlie Kim led the Cooley team. Additional assistance was provided by Julia Boesch, Mark Cikowski, Marjorie Roesser, Kelsea Carlson, Madeleine Smith, Eric Steiner, Kim Merritt, Barbara Mirza, Austin Holt, David Navetta, Adam Connolly, Christian Lee, Maricel Mojares-Moore, Matt Kong, Ross Eberly, Eileen Leman, Karen Tsai, Mark Windfeld-Hansen, Stephanie Gentile, John Paul Oleksiuk, Colette Ghazarian, Sharon Connaughton, Patrick Gibbs and Francis R. Wheeler.

Involved fees earner: Julia Boesch – Cooley LLP; Kelsea Carlson – Cooley LLP; Mark Cikowski – Cooley LLP; Sharon Connaughton – Cooley LLP; Adam Connolly – Cooley LLP; Ross Eberly – Cooley LLP; Stephanie Gentile – Cooley LLP; Colette Ghazarian – Cooley LLP; Patrick Gibbs – Cooley LLP; Nick Hobson – Cooley LLP; Austin Holt – Cooley LLP; Charlie Kim – Cooley LLP; Matt Kong – Cooley LLP; Christian Lee – Cooley LLP; Eileen Leman – Cooley LLP; Siana Lowrey – Cooley LLP; Barbara Mirza – Cooley LLP; Maricel Mojares-Moore – Cooley LLP; David Navetta – Cooley LLP; John Paul Oleksiuk – Cooley LLP; David Peinsipp – Cooley LLP; Marjorie Roesser – Cooley LLP; Karen Tsai – Cooley LLP; Francis Wheeler – Cooley LLP; Mark Windfeld-Hansen – Cooley LLP; Michael Benjamin – Latham & Watkins; Ben Cheatham – Latham & Watkins; Jina Davidovich – Latham & Watkins; Richard Andrew Kline – Latham & Watkins; Ian Lachow – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Kathleen Mehary – Latham & Watkins; Taylor Stevens – Latham & Watkins; Bradd Williamson – Latham & Watkins;

Law Firms: Cooley LLP; Latham & Watkins;

Clients: Allen & Company LLC; AmeriVet Securities; Blaylock Van, LLC; Citigroup Global Markets Ltd; Cowen and Company; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Morgan Stanley; Oppenheimer & Co; RBC Capital Markets; Sweetgreen Inc.; William Blair & Company ;