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Buyout-backed Aramark files for $100m IPO to pay back debt

10 Sep 2013

chef cooking restaurantPrivate equity-backed food services company Aramark has filed to raise $100m by listing its shares on the New York Stock Exchange.

The company was taken private by a consortium of investors including GS Capital Partners, Thomas H Lee Partners and Warburg Pincus in an $8.3bn deal in 2006.

Those investors each hold just over 21 per cent of the business, while CCMP Capital Investors and JP Morgan Partners own about 10.5 per cent each.

The buyout included the assumption of about $2bn of debt, which had grown to more than $4.6bn at the end of June this year according to a filing with the US securities regulator.

Aramark said it planned to use capital raised from the IPO to pay back some of that debt.

The business had net profits of $102m last year on $13.5bn of revenues.

It provides food, facilities and uniform services to education, healthcare, business and industry and sports, leisure and corrections clients.

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