Bain and Blackstone-backed crafts retailer Michaels revives IPO plans, chooses to list on the NASDAQ
The Michaels Companies, the largest arts and crafts retailer
in North America filed an amendment filed with the SEC on
Thursday stating its intention to list on the NASDAQ under the
. The company changed its name from Michaels Stores as a result
of its July 2013 reorganization, where it issued PIK Toggle Notes
in order to pay an $800 million dividend to current shareholders.
Michaels operates 1,260 stores in the U.S. and Canada and was
taken private by Bain Capital and Blackstone in a $6 billion
buyout in 2006. The PE firms have been patient for an IPO
exit, originally filing to raise $500 million in March 2012.
The Irving, TX-based company, which was founded in 1983, has J.P. Morgan, Goldman Sachs, Barclays, Deutsche Bank, BofA Merrill Lynch, Credit Suisse, Morgan Stanley and Wells Fargo as the joint bookrunners on the deal. No pricing terms were disclosed.