Bain and Blackstone-backed crafts store Michaels sets terms for $500 million IPO


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The Michaels Companies, the largest arts and crafts retailer in North America, announced terms for its IPO on Monday. The Irving, TX-based company plans to raise $500 million by offering 27.8 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Michaels would command a fully diluted market value of $3.8 billion.

Michaels operates 1,262 stores in the U.S. and Canada and was taken private by Bain Capital and Blackstone ( BX ) in a $6 billion buyout in 2006. The PE firms originally filed to raise $500 million in March 2012.

The Michaels Companies, which was founded in 1983 and booked $4.6 billion in sales for the 12 months ended May 3, 2014, plans to list on the NASDAQ under the symbol MIK. J.P. Morgan, Goldman Sachs, Barclays, Deutsche Bank, BofA Merrill Lynch, Credit Suisse, Morgan Stanley and Wells Fargo are the joint bookrunners on the deal. It is expected to price the week of June 23, 2014.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , IPOs
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