What would you do if someone offered you 65 drive-thru locations for $105 million?
Sounds like an easy yes. Especially if you're Dutch Bros.
The coffee chain is growing fast. By June 30, 2026, Dutch Bros had 1,225 locations across 25 states. It opened 48 more shops in the second quarter alone. Management wants at least 185 new shops in 2026, with a long-term goal of 2,029 locations by 2029.
So when Salad and Go collapsed this summer, the opportunity looked almost perfect. There were dozens of empty restaurants across Arizona, Nevada, Oklahoma and Texas. They were already built, already had drive-thrus and were sitting in markets where Dutch Bros wanted to grow.
Dutch Bros agreed to buy up to 65 former Salad and Go locations for about $105 million.
Then the price went up.
And Dutch Bros walked away.
Wait. What?
A company trying to add hundreds of stores just passed on 65 locations that were already sitting there?
That's what makes this story interesting.
Dutch Bros wasn't saying no to growth. It was saying no to expensive growth.
And that tells you a lot about how restaurant chains actually expand.