Barber Foods parent company files for public offering
AdvancePierre Foods Holdings Inc., the parent company of frozen chicken entrée manufacturer and distributor Barber Foods that employs 300 at its Portland plant, is seeking to raise $492 million through an initial public offering.
The Portland Press Herald reports that the sale of 21,390,000 shares of common stock priced between $20 and $23 per share will be used to pay off a portion of a $1.3 billion loan.
The company will not receive any proceeds from the sale of shares of its common stock by the selling stockholders, according to a release from the company.
As part of the offering, AdvancePierre, which reported $1.6 billion in revenue in 2015, has applied to have its common stock listed on the New York Stock Exchange under the symbol “APFH,” according to a release.
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