Private equity-backed fast food restaurant chain Shake Shack is reportedly preparing for an IPO.
Leonard Green & Partners owns a 39.5 per cent stake in Shake Shack’s majority owner, Union Square Hospitality Group, which has interviewed investment banks to appoint underwriters for the IPO, people familiar with the matter told Reuters.
Shake Shack is expected to post earnings of around $20m this year, said the report.
In addition to its US-based restaurants in New York, New Jersey, Connecticut, Pennsylvania, Florida and Massachusetts, Shake Shack is also present in London, Istanbul, Moscow and Dubai.
In June this year Leonard Green and fellow private equity firm CVC bought Advantage Sales & Marketing from Apax, which made a return of more than four times from the sale.
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