26-year PE portfolio company Advanced Drainage Systems exits pipeline; sets terms for $261 million IPO
Advanced Drainage Systems, the world's largest provider of
high density plastic pipe used in construction, announced terms
for its IPO on Monday. The Hilliard, OH-based company plans to
raise $261 million by offering 14.5 million shares (64% insider)
at a price range of $17 to $19. At the midpoint of the proposed
range, Advanced Drainage would command a fully diluted market
value of $1.3 billion.
Advanced Drainage Systems was held as a portfolio company of Berkshire Partners for 22 years, from 1988 until 2010, when American Securities purchased Berkshire's stake.
Advanced Drainage Systems, which was founded in 1966 and booked $1.1 billion in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol WMS. Barclays, Deutsche Bank, Citi and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of July 21, 2014.