Savers Value Village, the largest for-profit thrift operator in the U.S. and Canada, announced the launch of a secondary public offering of 15 million shares of its common stock by certain Ares Private Equity and Opportunistic Credit funds and accounts. The selling stockholders also intend to grant underwriters a 30-day option to purchase up to an additional 2.25 million shares. Concurrently, the company authorized a $10 million share repurchase from the underwriters at the offering price, funded from existing cash and separate from its existing buyback program. The company will not receive any proceeds from the secondary sale. J.P. Morgan Securities, Goldman Sachs, Jefferies, and UBS Securities are acting as joint book-running managers.
Goldman Sachs Group Inc
Jefferies Financial Group Inc
UBS Group AGSavers Value Village, Inc.Secondary offering of 15 million shares by selling stockholders may pressure stock price, though company repurchases $10 million concurrently.
