Public Exits

ACA Capital Holdings Inc., a New York-based specialty finance company focused on asset management services and credit protection products, has set its proposed IPO terms to around 12.2 million common shares being offered at between $15 and $17 per share. It plans to trade on the NYSE under ticker symbol ACA, with Credit Suisse, JPMorgan and Bear Stearns serving as co-lead underwriters. Shareholders include Bear Stearns Merchant Banking, Stephens Group and Aegon USA.

Flagstone Reinsurance Holdings Ltd., a Bermuda-based reinsurer, has filed for a $175 million IPO. It plans to trade on the NYSE under ticker symbol FSR, with Lehman Brothers and Citigroup serving as co-lead underwriters. The company completed a $715 million initial capitalization earlier this year co-led by Lehman Brothers Merchant Banking and Lightyear Capital.

First Mercury Financial Corp., a Southfield, Mich.-based provider of insurance products to the specialty commercial insurance markets, priced around 9.7 million common shares at $17 per share ($16-$18 range), for an IPO take of approximately $165 million. It is trading on the NYSE under ticker symbol FMR, while JPMorgan and Keefe, Bruyette & Woods served as co-lead underwriters. Glencoe Capital was the company’s majority shareholder, pre-IPO.

GateHouse Media Inc., a Fairport, N.Y.-based community newspaper publisher, priced 13.8 million common shares at $18 per share ($16-$18 range), for an IPO take of approximately $248.4 million. It is trading on the NYSE under ticker symbol GHS, while Goldman Sachs and Wachovia Securities served as co-lead underwriters. Fortress Inv*stment Group held a 95.9% pre-IPO position.

Hertz Global Holdings Inc., a Park Ridge, N.J.-based automobile and equipment rental company, has set its proposed IPO terms to 88.235 million common shares being offered at between $16 and $18 per share. This could make the deal worth up to $1.8 billion (including underwriters’ options), compared to an original S-1 filing for $1 billion. Hertz plans to trade on the NYSE under ticker symbol HTZ, with Goldman Sachs, Merrill Lynch and Lehman Brothers serving as co-lead underwriters. Hertz was bought out from Ford Motor Co. last year for around $15 billion by Clayton, Dubilier & Rice, Carlyle Group and Merrill Lynch Global Private Equity.

Innophos Holdings Inc., a Cranbury, N.J.-based specialty phosphates company, has set its proposed IPO terms to around 8.7 million common shares being offered at between $14 and $16 per share. It plans to trade on the Nasdaq under ticker symbol IPHS, with Bear Stearns and Credit Suisse serving as co-lead underwriters. Bain Capital acquired Innophos in 2004 from Rhodia for $550 million.

LHS AG, a German provider of telecom customer care and billing systems, priced 4.6 million primary shares at €8 per share, for an IPO take of approximately €37 million. It has begun trading on the Frankfurt Stock Exchange under ticker symbol LHS, with an initial market cap of €116 million. LHS is a portfolio company of General Atlantic.

Madison River Communications Corp., a Mebane, N.C.-based provider of rural telephone services, has filed for a $287.5 million IPO. It plans to trade on the Nasdaq under ticker symbol MRCC, with Merrill Lynch and Goldman Sachs serving as co-lead underwriters. Company shareholders include Madison Dearborn Partners, Goldman Sachs and Providence Equity Partners.

NYMEX Holdings Inc., the New York-based operator of the New York Mercantile Exchange, has set its proposed IPO pricing terms to between $48 and $52 per share. It plans to trade on the NYSE under ticker symbol NMX, with JPMorgan and Merrill Lynch serving as co-lead underwriters. General Atlantic holds a 10% pre-IPO position.

Physicians Formula Holdings Inc., an Azusa, Calif.-based cosmetics company, has set its proposed IPO terms to 6.25 million common shares being offered at between $15 and $17 per share. It plans to trade on the Nasdaq under ticker symbol FACE, with Citigroup and Deutsche Bank Securities serving as co-lead underwriters. Summit Partners holds a 76.8% pre-IPO position.

Spirit Aerosystems Holdings Inc., a Wichita, Kan.–based non-OEM designer and manufacturer of aerostructures, has set its proposed IPO terms to around 52.08 million common shares being offered at between $23 and $25 per share. It plans to trade on the NYSE under ticker symbol SPR, with Credit Suisse, Goldman Sachs and Morgan Stanley serving as co-lead underwriters. Onex Partners is the company’s majority shareholder.

Susser Holdings Inc., a Corpus Christie, Texas-based convenience store chain operator and wholesale fuel distributor in Texas and Okalahoma, priced 6.5 million common shares at $16.50 per share ($16-$18 range), for an IPO take of approximately $107 million. It is trading on the Nasdaq under ticker symbol SUSS, while Merrill Lynch served as lead underwriter. Wellspring Capital Management last year acquired a majority equity stake.