Tags: annies | ipo

Organic Foodmaker Annie’s Files for $100M IPO

Thursday, 01 Dec 2011 07:10 PM

Annie’s Inc., the Berkeley, California-based maker of organic and natural packaged foods, filed to raise $100 million in an initial public offering.

The company, which makes more than 125 products including macaroni and cheese and bunny-shaped graham crackers, didn’t specify the number of shares it will offer or a price range. The $100 million amount is typically used as a placeholder to calculate fees and may be subject to change.

Sales in the fiscal year ended March 31 increased 22 percent to $117.6 million, according to a filing with the U.S. Securities and Exchange Commission. Net income more than tripled in the period, to $20.2 million from $6 million a year earlier.

Annie’s plans to use net proceeds from the offering for general corporate purposes. The company was founded more than 20 years ago by Annie Withey and Andrew Martin. Solera Capital LLC, a private-equity firm based in New York, owns more than 90 percent of the company.

The stock will be listed on the New York Stock Exchange under the symbol BNNY. Credit Suisse Group AG and JPMorgan Chase & Co. are managing the IPO.

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