US Foods Announces More Underwriters for its IPO; Releases Q1 2016 Financial Report
ROSEMONT, IL - In tandem with its Q1 2016 financial report, US Foods has announced further progress towards its previously announced initial public offering (IPO). U.S. Foods Holding has registered an amended Form S-1 with the U.S. Securities and Exchange Commission detailing new underwriters for the deal. According to the new filing, the list of underwriters now includes:
- Goldman, Sachs & Co.
- Morgan Stanley & Co. LLC
- J.P. Morgan Securities LLC
- Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Citigroup Global Markets Inc.
- Credit Suisse Securities (USA) LLC
- Deutsche Bank Securities Inc.
- Wells Fargo Securities, LLC
- KKR Capital Markets LLC
- BMO Capital Markets Corp.
- Guggenheim Securities, LLC
- ING Financial Markets LLC
- Rabo Securities USA, Inc.
- Natixis Securities Americas LLC
In the company’s Q1 2016 financial report, net income doubled over the same period last year, increasing from $7 million in Q1 2015 to $14 million today. Net sales increased 0.7%, increasing $39 million to reach a total of $5.6 billion.
The company has been focusing on streamlining its works in recent months, acquiring companies like foodservice data startup, Food Genius, New England-based wholesale distributor, Cara Donna Provision Co., and family-owned foodservice distributor Dierks Waukesha. US Foods also recently confirmed that its Severn, MD, distribution center will close in June 2016.
Still, US Foods has not revealed any pricing details for the IPO price per share. US Foods has previously announced it will list its common stock on the New York Stock Exchange under the symbol “USFD.” Fortune had reported that US Foods planned to raise $100 million, and that this number is likely to increase as the filing moves forward.
Other highlights from US Foods’ Q1 2016 financial report include:
- Adjusted EBITDA increased $44 million to reach $203 million
- Gross profit increased 31% to reach $949 million
- Independent restaurant case volume grew 8.0%.
- Operating income increased $43 million, or 102%, to $85 million in 2016
With US Foods continuing to pick up speed towards an impending IPO, you can count on AndNowUKnow to update you with the breaking news.
