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Apollo-backed Sprouts files for $300m Nasdaq IPO

10 May 2013

Sprouts produceApollo Global Management-backed organic grocer Sprouts Farmers Markets has filed to raise $300m in an IPO two years after being bought by the private equity firm.

Sprouts was picked up in February 2011 by Apollo through its Smart & Final subsidiary, and was later merged with Henry’s Farmers Market and Sun Harvest.

Apollo currently owns 51.8 per cent of the business according to the IPO filing with the US Securities and Exchange Commission.

It shows that Goldman Sachs, Credit Suisse are acting as joint bookrunners for the IPO, which shows the company plans to list on the NASDAQ Global Select Market under the SFM ticker.

Sprouts had 157 stories in eight states at the beginning of this month, with pro forma net sales of $2bn for fiscal 2012.

The company sells natural and organic food focusing on health and wellness at affordable prices, including fresh produce and bulk foods, meat and seafood, vitamins, supplements and household items.

Sprouts’ $300m figure is an indicative one used to calculate registration fees. No details were given about expected share price or the number of shares to be sold.

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