Then Now

Five Years Ago In Private Equity Week:

* Web-based grocery and drug delivery service Peapod LP raised $17.25 million from a group of investors that included Eos Partners and CIBC Wood Gundy Group.

The deal would prove to be the opening volley in a series of private equity infusions into companies like and Webvan, plus an additional $120 million convertible preferred stock issue from Peapod itself. Following a 1997 IPO in which the company priced four million shares at $16 per share, it has seen its stock price tumble and has closed its San Francisco office. At market close last Thursday, it was trading at $1.15 per share. On the upside, the company’s majority stakeholder – Dutch grocer Royal Ahold – recently agreed to boost its credit limit from $20 million to $50 million.