Ollie’s Bargain Outlet Holdings, Inc. announced it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its stock.
The deep discount retailer operates 181 stores across the U.S., selling excess inventory and salvage merchandise such as housewares, sporting goods and toys from manufacturers who make too much of an item or change their packaging.
The retailer has not yet determined the price range and the number of shares it will offer. J.P. Morgan, Jefferies and BofA Merrill Lynch are serving as joint lead book-running managers and as representatives of the underwriters for the proposed offering. Credit Suisse, Piper Jaffray, KeyBanc Capital Markets and RVC Capital Markets will act as joint book-running managers.
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Ollie’s net income rose 37.7% to $26.9 million in 2014, and revenue rose 18% to $638 million. The company expects to open between 25 and 30 new stores in 2015 and sees the potential for more than 950 locations across the country.
In 2012, Mark Butler, CEO, and private equity firm CCMP Capital Advisors LLC acquired their stake in Ollie’s in a deal that valued the company at about $700 million, according to Moody’s. The filing did not mention the size of their stake.
