Vending Sandwich-Maker AdvancePierre Foods Files For IPO

CINCINNATI -- AdvancePierre Foods Holdings Inc. announced today that it has filed with the SEC to raise up to $100 million in an initial public offering. However, IPO expert Renaissance Capital LLC believes the deal size is likely a placeholder for an IPO that could raise up to $500 million.

AdvancePierre was formed in 2010 following the merger of Pierre Foods, Advance Foods and Advance Brands. It is a national producer and distributor of sandwiches and sandwich components, among other entrées and snacks, which are widely sold in vending machines, micromarkets and c-stores.

In 2015, the convenience food manufacturer had revenues of $1.6 billion and employed more than 4,000 people. Oaktree Capital Management LP, a Los Angeles-based investment firm, is AdvancePierre's majority shareholder.

The company did not reveal a proposed exchange or a ticker symbol. Barclays, Credit Suisse and Morgan Stanley are the deal's joint bookrunners. Pricing terms were not disclosed.