US retailer Roundy’s Supermarkets has filed plans for an IPO that values the company at about US$230m.
Milwaukee-based Roundy’s, which operates nearly 160 stores in Wisconsin, Minnesota and Illinois, said it plans to use the proceeds to reduce its debts of more than $800m.
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In an SEC filing yesterday (5 December), Roundy’s, which is owned by Chicago private-equity firm Willis Stein & Partners, said it would issue and sell some of the shares, with a portion to be sold by the retailer’s stockholders.
Roundy’s did not provide a timetable for the IPO. The number of shares to be floated, the price range for the offering and the trading symbol have not yet been determined. The offering will be underwritten by Credit Suisse and JP Morgan.
In fiscal 2010 Roundy’s, which runs chains including Pick ‘n Save, Metro Market and Copps posted an operating profit of US$28.1m and net sales of $3.7bn. For the quarter ended October 1, Roundy’s said it earned $12.4m, up 30% from the same period last year, while same-store sales rose 1.7%.
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