Noodles & Company’s IPO = more ad spending
Steve’s breakdown: $75 million IPO has got to mean an advertising review – especially with the tiny amount they spend now.
BROOMFIELD, CO: Noodles & Company, the Broomfield-based operator of fast-casual restaurants, filed registration documents on Thursday for a future initial public offering.
Noodles intends to raise $75 million through the offering and will apply to list its common stock on either the Nasdaq Global Select Market or the New York Stock Exchange under the symbol “NDLS.”
Company officials say they plan to use proceeds from the IPO to pay down debt and also for working capital and other corporate purposes.
Noodles opened its first restaurant in 1995 and was a Boulder-based firm before moving to Broomfield in 2006.
In 2010, an investment group led by Catterton Partners, a $2.5 billion private equity firm based in Greenwich, Conn., acquired a controlling interest in Noodles.
The company now has 339 restaurants — 288 company-owned and 51 franchise — in 25 states.
Noodles had roughly $300 million in revenues in 2012, according to the documents filed with the Securities and Exchange Commission.
Underwriters on the IPO include Morgan Stanley, UBS Investment Bank, BofA Merrill Lynch, Jefferies, Baird and Piper Jaffray.
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