AdvancePierre Foods IPO Prices at $21
July 14 2016 - 9:30PM
Dow Jones News
AdvancePierre Foods Holdings Inc. said its initial public
offering of 18.6 million shares priced at $21 each.
Last week, the Cincinnati company said it expected a price range
of $20 to $23.
AdvancePierre, with revenue of $1.61 billion last year, provides
items including breakfast sandwiches, hamburgers, stuffed pockets
and sandwich components. Last year, food-service customers
accounted for 55% of its sales.
AdvancePierre, which sold 11.1 million of the shares, will use
the proceeds to repay part of its first-lien term loan.
Stockholders including Oaktree Capital Management LP sold 7.5
million shares.
Oaktree became the majority owner of Pierre Foods Inc. when it
emerged from bankruptcy in 2008. Pierre merged with Advance Food
Co. and Advance Brands in September 2010.
Last year, the company bought the wholesale and manufacturing
operations of Landshire Inc. and the manufacturing assets of Better
Bakery.
S&P Global Ratings said in May that the company's pricing
discipline and product mix have helped it improve profitability and
reduce exposure to volatile commodity costs.
Barclays, Credit Suisse and Morgan Stanley are joint
book-running managers for the IPO.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 14, 2016 21:15 ET (01:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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