initial public offerings (IPOs) trading on American exchanges

Monday, October 7, 2013

Levy Restaurants launches IPO to create acquisitions firm

Levy Restaurants Inc., the Chicago-based food-service company helmed by Larry Levy, wants to raise $150 million through an initial public offering to fund a new acquisition company.

The new firm, called Levy Acquisition Corp., was created "for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses," according to a document filed today with the Securities and Exchange Commission.
No target deals have been identified and no company has approached Levy Acquisition to date, the company said in its prospectus.

The public offering calls for issuing 15 million units at $10 each. Each unit would give an investor one share of common stock and half a warrant. A whole warrant can be used to buy a share of stock at $11.50. The warrants can be exercised 30 days after Levy Acquisition's first deal or a year after it goes public.
Levy Acquisition has applied to list its units on the Nasdaq under the ticker LEVYU, its common stock under LEVY and warrants under LEVYW.

Levy Acquisition Sponsor LLC — a group that includes Mr. Levy; his son, Ari Levy; his stepson, Steven Florsheim; and Sophia Stratton, chief financial officer of Levy Family Partners, the family investment company — has already purchased 4.3 million shares of common stock for $25,000. That group will serve as directors of Levy Acquisition Corp. in addition to Howard Bernick, Craig Duchossois and Marc Simon. Mr. Bernick is the former president and CEO of Alberto-Culver Co. Mr. Duchossois is CEO of Duchossois Group Inc., and Mr. Simon is a former CEO of Halo Industries Inc.

Larry Levy, founder of Levy Restaurants Inc. 

Mr. Levy is the co-founder of Levy Restaurants, which operates concessions at various stadiums and arenas including Wrigley Field and U.S. Cellular Park. It also owns restaurants including Spiaggia and Fulton's on the River in Chicago.

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