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Advent, LLR-backed teen discount retailer Five Below plans IPO

21 Mar 2012

Private equity-backed discount chain Five Below has hired part of an underwriting team in advance of an IPO, it is understood.

The company, which is owned by Advent International and LLR Partners, has growing earning of up to $50m before interest, taxes, depreciation and amortisation according to a report by Reuters.

It said the Philadelphia-based company could command a market valuation of more than $1bn if it is compared with similar retail discount chains, which are trading at more than 20 times their forward earnings.

Five Below, which has more than 200 stores across the US, sells goods at between $1 and $5 targeted at teenagers and young adults.

Last week Advent pulled out of a bid for London-based hedge fund administrator GlobeOp following a rival offer from SS&C.

The firm has raised more than $26bn in cumulative capital since it was founded in 1984, focused primarily on private equity buy-outs.

LLR Partners has more than $1.4bn under management and invests up to $100m a time in companies while taking minority or majority positions.

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