AdvancePierre launches IPO

by Erica Shaffer
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AdvancePierre is selling more than 11 million shares. 

CINCINNATI – AdvancePierre Foods Holdings Inc. is selling 11,090,000 shares in the company while stockholders are selling 7,510,000 shares at a proposed price of between $20 and $23 per share, the company announced July 5. AdvancePierre announced in April plans to go public on the New York Stock Exchange.

The company intends to use the proceeds from the IPO to repay a portion of a lien term loan. Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers.

Revenues for fiscal 2015 totaled $1.61 billion compared with $1.58 billion in fiscal 2014, the company said in documents filed with the Securities and Exchange Commission.

Cincinnati-based AdvancePierre Foods manufactures packaged sandwiches, fully cooked and uncooked meat products and bakery items that are distributed to schools, universities, convenience stores, supermarkets and warehouse clubs. The company is owned by the private equity firm, Oaktree Capital Group LLC. AdvancePierre was formed in 2010 when Pierre Foods, which Oaktree acquired out of bankruptcy in 2008, merged with Advance Foods Co. and Advance Brands LLC.

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