Pinnacle Foods, Inc., Parsippany, New Jersey, owner of the Birds Eye frozen food brand, has filed a registration with the US. Securities and Exchange Commission for an initial public offering of its common stock at a maximum price is $100 million.
The company hasn't yet applied to list on an exchange or chosen a ticker to trade under. In financial highlights of its IPO filing. Pinnacle said that from 2008 to 2011 it had grown its net sales and adjusted EBITDA by approximately 59% and 102%, and had expanded adjusted EBITDA margin by 3.9%. But over the same period, its net loss increased by 64%.
Pinnacle acquired Birds Eye three years ago, significantly expanding its presence in frozen foods and positioning it as the fifth largest frozen food manufacturer in the United States. "At the time, the Birds Eye portfolio included an expanding platform of healthy, high-quality frozen vegetables and frozen meals," the filing said. "In fiscal 2010, all aspects of the Birds Eye business were fully integrated with Pinnacle."
In addition to reinvestment in its brands and making periodic strategic acquisitions, the company said, it has also deployed its significant cash flows to reduce its debt. Since The Blackstone Group's acquisition of Pinnacle in April 2007, it has paid down approximately $350 million in debt. Its annual sales for 2011 were $2.5 billion.
