Affinion Group Holdings Inc., a Norwalk, Conn.-based provider of integrated marketing and loyalty solutions, has set its IPO terms to 32.5 million common shares being offered at between $15 and $17 per share. It would have an initial market cap of approximately $1.58 billion if it prices at the high end of its range. Affinion plans to trade on the NYSE under ticker symbol AFI, with Morgan Stanley and Deutsche Bank Securities co-leading a roster of 10 underwriters. Apollo Management acquired the company in October 2005 from Cendant Corp. for approximately $1.83 billion. Underwriters include Credit Suisse, Goldman Sachs and Banc of America Securities.
CSAV Holding Corp. (aka Chief Manufacturing), a Savage, Minn.-based maker of audio-visual mounting equipment and display solutions, has filed for a $201.25 million IPO. It plans to trade on the NYSE, with Wachovia Securities and Piper Jaffray serving as co-lead underwriters. Friedman Fleischer& Lowe led a 2003 buyout of CSAV, and currently stands as majority owner. Other shareholders include Fulham Investors and Performance Equity Management.
Duff & Phelps Corp., a New York-based provider of financial advisory and I-banking services, raised $132.8 million in its IPO. It was the first and only buyout-backed IPO of September. The company priced 8.3 million common shares at $16 per share, which was below its estimated $16.50-$18.50 range. Duff & Phelps trades on the NYSE under ticker symbol DUF. Goldman Sachs and UBS served as co-lead underwriters. Shareholders include Lovell Minnick Partners and Vestar Capital Partners. Lovell Minnick sponsored a management buyout of the company in 2004 from Webster Financial Corp., while Vestar helped finance the 2005 add-on acquisition of the Corporate Value Consulting business of Standard & Poor’s.
Merrill Corp., a St. Paul, Minn.-based provider of financial printing and publishing solutions, has withdrawn its filing for a $253 million IPO, citing “adverse market conditions.” It had originally filed in February 2006, with Credit Suisse and Deutsche Bank serving as co-lead underwriters. DLJ Merchant Banking Partners holds a majority interest in Merrill Corp., based on a 1999 take-private buyout.
Mitel Networks Corp.
, an Ottawa-based provider of integrated communications solutions and services for business customers, has withdrawn its proposed US$150 million. Mitel said its decision was “in light of the company’s recently completed acquisition of Inter-Tel (Delaware) Inc.” Company shareholders include EdgeStone Capital Partners.
RiskMetrics Group Inc., a New York-based provider of financial risk management and corporate governance products and services, has filed for a $200 million IPO. RiskMetrics spun out of JPMorgan in September 1998, and later completed a $122 million recapitalization sponsored by Spectrum Equity Investors (28 percent pre-IPO stake), General Atlantic (28 percent) and Technology Crossover Ventures (12.32 percent). The three firms also added new capital earlier this year.
Ulta Salon, Cosmetics & Fragrance, a Romeoville, Ill.-based beauty retailer and salon operator, has set its IPO terms to around 8.55 million common shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $907 million, were it to price at the high end of its range. The company plans to trade on the Nasdaq under ticker symbol ULTA, with JPMorgan and Wachovia Securities serving as co-lead underwriters. Shareholders include GRP Partners (26.3 percent pre-IPO stake), Doublemousse BV (22.5 percent) and Oak Investment Partners (12.9 percent).