Aramark Files For $100 Million IPO

Aramark Holding Corp. filed Sept. 9 for an initial public offering of up to $100 million as the Philadelphia-based company works to pay down its debt.

This is the food-services company’s third IPO. Company chairman Joseph Neubauer led a buyout in 1984 to stop a hostile takeover and, in 2001, brought the business back to public ownership.

Neubauer also led a 2007 buyout with a group of private equity firms that spent about $6.3 billion and took on roughly $2 billion in debt, according to the Wall Street Journal.

Neubauer owns about 10 percent of Aramark.

Warburg Pincus, Thomas H. Lee Partners, CCMP Capital Advisors and Goldman Sachs each own about 21 percent.

Aramark posted a slight increase in revenue for the nine-month period ended June 28. Revenue was $10.4 billion but earnings declined by one-third compared to a year ago.

Overall revenue and earnings have risen over a three-year period, the paper said.

Goldman Sachs, J.P. Morgan Chase, Credit Suisse and Morgan Stanley lead the IPO.

Aramark officials intend to apply to list on the New York Stock Exchange, the WSJ said.