Irvine’s Advantage Solutions Inc., a provider of sales, marketing, merchandising and digital technology services for packaged goods manufacturers and retailers, has filed plans for an initial public offering.
The company set a placeholder $100 million figure for the IPO in filings with the Securities and Exchange Commission. Terms of the offering haven’t been disclosed yet.
The company plans to be listed on the New York Stock Exchange under the symbol “ADV.”
Proceeds from the offering would be used to repay debt. Advantage Solutions has about $760 million of borrowings outstanding under a term loan, according to regulatory filings.
The IPO’s main underwriters are Morgan Stanley and Goldman, Sachs & Co.
Advantage Solutions last year posted a net income of $31.2 million on $2.1 billion in revenue. It has some 45,000 employees working out of 120 offices in the United States and Canada. It serves some 2,000 manufacturers for products located at more than 200,000 retail locations.
Los Angeles-based private equity firm Leonard Green & Partners LP and CVC Capital Partners in Luxembourg bought Advantage Solutions in 2014 for $4.2 billion.