21 June 2023
Savers Value Village Inc filed an updated IPO prospectus and plans to raise about $300 million by selling 18.75 million shares at an estimated price of $16 per share.
Savers Value Village is the largest for-profit thrift operator in the United States and Canada based on number of stores. With over 22,000 team members, company operates a total of 317 stores under the Savers, Value Village, Village des Valeurs, Unique and 2nd Ave. banners. Savers Value Village is committed to redefining secondhand shopping by providing one-of-a-kind, low-priced merchandise ranging from quality clothing to home goods in an exciting treasure-hunt shopping environment.
The proposed IPO price would value the company at $2.57 bil (without accounting for possible over-allotment of shares).
With an estimated (pro-forma) net debt of $770 mil, enterprise value would be $3.32 bil. With Adjusted EBITDA of $302 mil in FY 2022, company would be valued at an EV/EBITDA multiple of x11.
After the offering, the Ares Funds (Ares Management Corporation is a leading global alternative investment manager) will hold approximately 88.2% of company’sour outstanding common stock (without accounting for possible over-allotment of shares).
More, Source: Company’s IPO Filing