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PE-backed sandwich maker Potbelly files for $75m IPO

30 Aug 2013

Potbelly sandwichesPrivate equity-backed sandwich maker Potbelly has filed to raise $75m through an IPO first mooted last November.

The company, which is backed by Maveron Equity Partners, American Securities and Oak Investment Partners, hired Goldman Sachs and Bank of America to lead the listing nine months ago.

Potbelly had 286 shops across 18 US states at the end of June according to a filing with the US Securities and Exchange Commission, and had a $24m net profit last year on $274.9m of revenues.

The company intends to list its common stock on the Nasdaq under the symbol PBPB, but has not revealed how many shares it plans to sell or at what price.

Maveron currently owns more than 28 per cent of the business, American Securities about 13 per cent and Oak Investment just over 12 per cent.

Earlier this summer it emerged private equity firm Bridgepoint was planning to pay itself a dividend by recapitalising portfolio company Pret A Manger.

The coffee and sandwich chain has appointed RBS, Bank or Ireland, HSBC, Societe Generale, Radobank and ING to help secure a £375m loan.

The funds will be used to refinance debts and pay a dividend to Bridgepoint, said Reuters, citing people familiar with the deal.

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