Chipotle Mexican Grill From Wikipedia, the free encyclopedia Jump to: navigation, search This article is about the Mexican Restaurant. For the chili pepper, see Chipotle. Chipotle Mexican Grill, Inc. Type Public (NYSE: CMG) Founded Denver (1993) Headquarters Denver, Colorado, 80202 Area served 32 contiguous states, the District of Columbia, and Ontario Key people Steve Ells, Founder, CEO and Chairman Industry Restaurants Revenue ▲$1.086 billion USD (2007)[1] Operating income ▲$108 million USD (2007)[1] Net income ▲$71 million USD (2007)[1] Employees 25,000 (2008)[1] Website www.chipotle.com Chipotle Mexican Grill (NYSE: CMG) is a chain of restaurants specializing in San Francisco burritos[2] and tacos. Founded by Steve Ells in 1993 and based in Denver, Colorado, the restaurant is known for its chunky guacamole, large burritos, and assembly line production.[2] Chipotle is one of the first successful chains in the relatively new category of fast-casual dining establishments. In the past, McDonald's Corporation owned a majority interest in Chipotle. McDonald's has since sold their entire stake in Chipotle; full divestment was completed in October 2006.[3] Aside from using Mexican-themed foods instead of submarine sandwiches, the restaurant is similar in concept to sub shops like Subway and Quiznos in terms of layout and ordering. Contents [hide] 1 History 2 Menu 3 Promotions 4 Nutrition 4.1 Media coverage 5 Incidents 6 Environmental responsibility 7 Music 8 Decor 9 Sponsorships 10 References 11 External links [edit] History Distribution of Chipotle restaurants throughout North America as of November 2008[update].Chipotle Mexican Grill originated in Denver, Colorado in 1993 in a former Dolly Madison Ice Cream Store near the University of Denver campus. The name derives from the Mexican Spanish name for a smoked, dried jalapeño chili, and ultimately derives from the Nahua language. Over 500 restaurants have since opened throughout the United States. All are company-owned, rather than franchised. In 1998, McDonald's made an initial minority investment in the company. By 2001, they had grown to be Chipotle's largest investor. The McDonald's connection allowed the firm to quickly expand, from 14 restaurants in 1998 to 480 at the end of 2005. On October 25, 2005, Chipotle initially filed for its IPO. On December 23, 2005, in an updated filing, Chipotle indicated that the size of the offering would be approximately 6.3 million shares with a price of $15.50 to $17.50 per share. The price range was increased to $18.00 to $20.00 per share on January 23, 2006, an indication that the demand for the offering was strong. Morgan Stanley and SG Cowen led the offering. The public offering priced on January 25, 2006, at a price of $22 per share. The offering raised approximately $133M in primary capital to fund new store growth. McDonald's sold $66M, including the 15% greenshoe, which was exercised in full. On its first day as a public company, Chipotle stock rose exactly 100%, closing at $44.00 per share. On September 8, 2006, McDonald's Corp. announced that it had started an offer for its shareholders to exchange McDonald's stock for shares of Chipotle Mexican Grill. The exchange allowed McDonald's shareholders to acquire Chipotle shares at a 10-percent discount. The offer was capped at a level of 0.9157 Chipotle shares for each McDonald's share exchanged owned by McDonald's. On October 13, 2006, McDonald's completed a tax-free swap of class B common stock in Chipotle Mexican Grill, Inc. (NYSE:CMG), for its own common stock. McDonald's later fully divested its investment in Chipotle, as part of a larger initiative to divest all of its non-core business restaurants – Chipotle, Donato's Pizza, and Boston Market – so that it could squarely focus on the main McDonald's chain. Founder Steve Ells started as a line cook for the San Francisco restaurant Stars, and attended the Culinary Institute of America.[4] He still serves as chairman and CEO. In 2006, the Coalition of Immokalee Workers (CIW) requested that companies force their tomato suppliers to pay an extra penny per pound for tomatoes.[5] Taco Bell, McDonald's, Burger King, and Subway have agreed, but Chipotle has not responded to the CIW's requests.[citation needed] However, only 20% of Chipotle's tomatoes come from Florida, and only 5% come from the Immokalee. Also, Chipotle claims that the farms are monitored for standards compliance.[6] The CIW and its allies have been pressuring Chipotle since 2006 to use their purchasing power to help improve human rights in Florida's tomato fields, and have actively protested various Chipotle locations.[7] [edit] Menu Chipotle in Durham, North Carolina The first Chipotle near the campus of the University of Denver; it is still in operation as of December 2008[update]Chipotle's menu consists of five types of items: Burrito (filled with rice and either black beans or pinto beans) Fajita burrito (a burrito with onions and green peppers sauteed in soy oil, instead of beans) Burrito Bol (burrito ingredients, without the tortilla, served in a paper bowl) Crispy or soft tacos (no rice or beans unless asked for) Salad (served with a container of chipotle-honey vinaigrette) The above items come filled with one of the following items: Chicken thighs marinated in chipotle adobo and grilled Carnitas (shredded pork) seasoned with thyme, bay leaves, juniper berries, and cracked pepper; seared and then braised Barbacoa (shredded beef) seared and then braised in chipotle adobo with cumin, garlic, and other spices Steak marinated in a spicy chipotle pepper adobo and then grilled; lean and medium-rare Vegetarian (guacamole and fajita vegetables); guacamole is also available as an extra cost option with one of the other four fillings Any of the following can be added: Cilantro-lime rice Black beans Pinto beans (contains pork)[8] Fajita vegetables (green bell pepper and red onion) Fresh tomato salsa (mild) Tomatillo red-chili salsa (hot) Tomatillo green-chili salsa (medium hot) Roasted chili-corn salsa (medium) Sour cream Cheese Guacamole Romaine lettuce Side items include: Lime salted chips Many of these items are gluten-free; the flour tortillas used for the burritos and soft tacos contain gluten. Even hot red salsa, which once contained small amounts of gluten from distilled vinegar, is now gluten-free. The price depends only on the meat ordered, with the exception of an extra charge for guacamole on non-vegetarian orders. The exterior of a Chipotle in Orlando, Florida.Chipotle accepts fax orders, making it popular among office workers picking up lunch.[citation needed] In 2005, Chipotle added the ability to order online. For both online and fax orders, one proceeds to the front of the line to pay for one's food. Chipotle located at the Verizon Center in Washington, D.C., on game night.In response to popular health concerns, and keeping in line with its "Food With Integrity" mission statement, Chipotle uses several natural ingredients. To date, in some markets, Chipotle has all-natural chicken raised without antibiotics on a vegetable diet, as well as naturally raised pork and beef. Chipotle advertises its support of family farms, such as Niman Ranch, a California "natural" meat producer that contracts with farms in the Midwest to raise pork and other livestock. The rice, black beans, fajita veggies, salsas, guacamole, and cheese are vegetarian. All items other than the meats, pinto beans, cheese, sour cream, and honey vinaigrette dressing are vegan. The cheese is processed with vegetable-based rennet in order to be suitable for vegetarians, and the sour cream comes from cows that are not treated with rBGH. [edit] Promotions People get in line outside a Chipotle in East Lansing, Michigan during a "Free Burrito Day".Chipotle has run several "free burrito" promotions: Valentine's Day (February 13 and February 14) – Customers were invited to purchase gift cards for Valentine's Day and then bring the receipt to Chipotle on February 13 or February 14 to receive a free burrito. Tax Day (April 15, 2006) – A mock tax form, "BurritoEZ", was handed out at Chipotle restaurants. Customers who brought in the completed form on April 15 received a free burrito. Not every location participated in this promotion in 2006. Discontinued as of April 2008[update]. Halloween (October 31) – Some Chipotle restaurants offer free burritos to those who wear a burrito costume (wrapping themselves in foil).[9] [edit] Nutrition Based on the nutrition guides provided by the company, a standard burrito can contain more than 1000 calories (approximately 50% of the Reference Daily Intake (RDI)), 40 grams of fat (approximately 63% of the RDI), and 2400 mg of sodium (approximately 100% of the RDI).[10] [edit] Media coverage Some media outlets have criticized the chain's burritos. MSNBC Health placed the burritos on their list of the "20 Worst Foods in America" for their high caloric content and high sodium.[11] However, the restaurant has also received praise – Health.com included the restaurant in its list of the "Healthiest Fast Food Restaurants".[12] [edit] Incidents On April 18, 2008 a Chipotle Mexican Grill in Kent, Ohio briefly closed after 180 people sought medical treatment for symptoms commonly associated with food poisoning. After the restaurant was cleaned and employees interviewed, the restaurant reopened the following day.[13] In April 2008, at least 22 people were diagnosed with Hepatitis A in connection with a Chipotle in La Mesa, California.[14] [edit] Environmental responsibility Chipotle's architectural design team incorporates the principles of sustainable architecture in their projects. These include: Time clock/photocell controls regulate lighting levels throughout the day, taking ambient light into consideration.[15] In addition, motion sensors in the restrooms and walk-in cooler further improve lighting efficiencies. This lighting package can exceed code by 30 percent. High efficiency sprayers are used at the four-compartment sinks – made standard for all new stores in April 2006 – and waterless urinals and hands-free faucets in the restrooms are being tested.[16] In October 2008, the company opened a "green" restaurant in Gurnee, Illinois. It features an on-site six kilowatt wind turbine, which generates about 10 percent of the restaurant's electrical needs.[citation needed] In 2001, the company released a statement regarding a move toward using responsibly and sustainably farmed ingredients in the chain restaurants.[17] The statement reported that the use of these ingredients and the implementation of sustainable architecture were to reflect CEO Steve Ells' philosophy for their food. In June 2008, Chipotle announced that they would use more local produce in their food (lettuce, onions and peppers) and that it would be purchased from small and mid-sized farms.[18] [edit] Music All music played at Chipotle restaurants is sent to the store from the company's corporate office. This music can be found and sampled under the "Restaurants" section of the company's website. [edit] Decor Architecturally, all Chipotle restaurants are built using most of the same materials.[19] Many feature an abundance of metal and wood, giving them a faux-industrial, post-modern look. Some Chipotle restaurants also display wood-and-metal sculptures of human figures, made by sculptor Bruce Gueswel to resemble the artistic style of ancient Mayas.[20] Most Chipotle locations have pictures of the original restaurant, which is near the University of Denver campus on Evans Avenue. [edit] Sponsorships Team Garmin-Slipstream – Chipotle is a sponsor of the Colorado-based UCI Professional Continental Cycling Team established in 2007. [edit] References ^ a b c d "Company Profile for Chipotle Mexican Grill Inc (CMG)". http://zenobank.com/index.php?symbol=CMG&page=quotesearch. Retrieved on 2008-10-03. ^ a b Hesser, Amanda (2005-02-27). "The Way We Eat". The New York Times Magazine. http://www.nytimes.com/2005/02/27/magazine/27FOOD.html. Retrieved on 2007-04-25. ^ "Chipotle founder had big dreams". Rocky Mountain News. December 23, 2006. http://www.rockymountainnews.com/drmn/other_business/article/0,2777,DRMN_23916_5233690,00.html. Retrieved on 2008-06-28. "McDonald's bought a majority stake in Chipotle in 2001. ... In October [of 2006], McDonald's divested from Chipotle through a shareholder stock exchange, but the two companies were intertwined for eight years." ^ Chipotle: Fast Food with 'Integrity' ^ http://newstandardnews.net/content/index.cfm/items/3833 ^ http://www.denverpost.com/business/ci_4327141 ^ http://www.sfalliance.org/media/ChipotleArticleLaVoz-1.pdf ^ "Chipotle - Ingredients". http://www.chipotle.com/#flash/food_ingredients. Retrieved on 2008-04-13. ^ "Free Burritos! We're So There.". NPR. 2007-10-31. http://www.npr.org/blogs/bryantpark/2007/10/free_burritos.html. Retrieved on 2008-03-03. ^ Chipotle Nutrition ^ The 20 Worst Foods in America ^ Healthiest Fast Food ^ "New Employees Working At Chipotle After 180 People Get Sick". NewsNet5. 2008-04-18. http://www.newsnet5.com/news/15925444/detail.html. Retrieved on 2008-06-26. ^ Beare, Brooke (2008-04-23). "Another Case of Hepatitis A Linked to La Mesa Chipotle". FOX6 San Diego. http://www.sandiego6.com/news/local/story.aspx?content_id=471d0b29-5ce4-4eae-a4ac-e26ec0663dcf&gsa=true. Retrieved on 2008-06-26. ^ Chipotlog: where BLog stands for Burrito Log ^ Chipotlog: where BLog stands for Burrito Log ^ Food with Integrity ^ http://www.pressdemocrat.com/article/20080619/LIFESTYLE05/467734217 ^ http://www.chipotle.com/#flash/restaurants_design ^ http://www.chipotle.com/#flash/restaurants_art [edit] External links Wikimedia Commons has media related to: Chipotle Mexican Grill Official site Retrieved from "http://en.wikipedia.org/wiki/Chipotle_Mexican_Grill" Categories: Companies based in Denver, Colorado | Companies established in 1993 | Fast casual restaurants | Fast-food chains of the United States | Fast-food franchises | Mexican restaurants | Restaurant chains in the United States