Industry News - AM

AdvancePierre IPO: Up to $2.5 billion by 2Q


By Lisa M. Keefe on 2/4/2016

Plans to take Cincinnati-based AdvancePierre Foods public are moving forward, according a report by Bloomberg News, and could raise up to $2.5 billion in an offering sometime in the second quarter. 

AdvancePierre, backed by investment firm Oaktree Capital Group LLC, reportedly tapped Barclays Plc, Credit Suisse Group AG and Morgan Stanley to manage its initial public offering, Bloomberg reported.

AdvancePierre makes more than 3,000 products including sandwiches, stuffed chicken breasts and burgers for institutional, c-store and vending machine sales. AdvancePierre posted 2015 earnings before interest, taxes, depreciation and amortization of about $260 million, Bloomberg said.

AdvancePierre has 11 manufacturing and sandwich-assembly plants in Oklahoma, Iowa and South Carolina, as well as Ohio.

To read Meatingplace’s profile of AdvancePierre from the May 2015 print publication, click here.


 
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