US private equity firm Freeman Spogli & Co has seen cowboy boot and Western US clothing retailer Boot Barn raise $80m through its New York IPO.
Freeman, which bought the company from investment firm Marwit Capital in December 2011, did not sell any of its 17.7 million shares but saw its ownership percentage drop to about 70 per cent through share dilution.
Boot Barn currently operates about 150 stores in 23 US states, with brands including Wrangler, Ariat, Justin, Carhartt, Dan Post, Resistol and Montana Silversmith.
JP Morgan Securities, Piper Jaffray, Jefferies, Wells Fargo Securities and Robert W Baird acted as joint book-running managers for the offering.
Earlier this year Freeman joined forces with Bahrain-based Investcorp to acquire umbrella, shoe and accessories maker Totes Isotoner.
Copyright © 2014 AltAssets
