CINCINNATI – AdvancePierre Foods Holdings, Inc. filed registration documents with the Securities and Exchange Commission for a proposed initial public offering. The number of shares to be offered and the price range of the stock have not been determined, the company said. However, published reports state the company set a placeholder offering amount of $100 million.
Barclays Capital, Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers.
SEC documents show AdvancePierre reported net income of $37.1 million in fiscal 2015 compared with a net loss of $37.9 million in 2014.
Revenues for fiscal 2015 totaled $1.61 billion compared with $1.58 billion in fiscal 2014.
As of Jan. 2, 2016, the company reported $1.27 billion in principal outstanding under its credit facilities with final maturities in 2017, and in addition to $125.4 million available for borrowing under an asset-based lending facility, which matures in January 2017.
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.