CINCINNATI — AdvancePierre Foods Holdings, a national producer and distributor of sandwiches, sandwich components and other entrees and snacks, has set the terms of its initial public offering. The Cincinnati-based company hopes to raise $400 million by offering 18.6 million shares of its stock at a price of between $20 and $23.
The company said it intends to use the net proceeds from the offering to repay a portion of its first lien term loan. AdvancePierre will not receive any of the proceeds from the sale of shares of its common stock by the selling stockholders.Founded in 1946, AdvancePierre offers a broad line of products across all day parts including: ready-to-eat sandwiches, such as breakfast sandwiches, peanut butter and jelly sandwiches and hamburgers; sandwich components, such as fully cooked hamburger and chicken patties, and Philly steaks; and other entrees and snacks, such as country-fried steak, stuffed entrees, chicken tenders and cinnamon dough bites. The company had revenues of about $1.6 billion and net income of $37.1 million in fiscal 2015.