Type of Food: Tacos, Burritos, Fajitas
Interesting Facts: In 2001, Chipotle released a mission statement called “Food With Integrity”, which highlighted Chipotle’s commitment to naturally raised meat, organic produce, and dairy without added hormones. All of Chipotle’s chicken and pork are naturally raised (i.e., open-range, antibiotic free, and with a vegetarian diet), as well as 50% of the beef. Also, approximately 30% of the beans are organically grown.
History: In 1993, Steve Ells opened the first Chipotle in Denver, Colorado in a former Dolly Madison Ice Cream Store near the University of Denver campus using an $85,000 loan from his father.
In 1998, McDonald’s made an initial minority investment in the company. By 2001, they had grown to be Chipotle’s largest investor.McDonald’s investment allowed the firm to quickly expand, from 16 restaurants in 1998 to over 500 by 2005. On January 26, 2006, Chipotle made its IPO, after increasing the share price twice due to high pre-IPO demand. In its first day as a public company, the stock rose exactly 100%, resulting in the best U.S.-based IPO in six years, and the second-best IPO for a restaurant after Boston Chicken (now Boston Market). The money from the offering was then used to fund new store growth.
In October 2006, McDonald’s fully divested its investment in Chipotle, part of a larger initiative to divest all of its non-core business restaurants
As of March 2009, 830 restaurants have since opened throughout the United States and Canada.All are company-owned, rather than franchised. Founder Steve Ells still serves as chairman and CEO of the company.
Chipotle Website: www.chipotle.com
View the Chipotle menu: here
Find your local Chipotle: here
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