See the Difference Cooper® Sharp Makes. Get Cooper®
DePalo Foods Strombolis
Veroni - 100 percent humanely raised - Authentic Italian charcuterie
Cheese that stands out from the herd. And stands out on the shelves.
Beano's - First in Deli. Always Delicious.
Simple done right
US Foods Announces More Underwriters for its IPO; Releases Q1 2016 Financial Report

US Foods Announces More Underwriters for its IPO; Releases Q1 2016 Financial Report


ROSEMONT, IL
Monday, May 9th, 2016

In conjunction with its first quarter 2016 financial report, US Foods has revealed it's inching ever loswer towards its previously announced initial public offering (IPO). U.S. Foods Holding has registered an amended Form S-1 with the U.S. Securities and Exchange Commission that adds new underwriters for the deal. According to the new filing, the list of underwriters now includes:

  • Goldman, Sachs & Co. 
  • Morgan Stanley & Co. LLC
  • J.P. Morgan Securities LLC
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated
  • Citigroup Global Markets Inc.
  • Credit Suisse Securities (USA) LLC
  • Deutsche Bank Securities Inc.  
  • Wells Fargo Securities, LLC
  • KKR Capital Markets LLC
  • BMO Capital Markets Corp.
  • Guggenheim Securities, LLC
  • ING Financial Markets LLC
  • Rabo Securities USA, Inc.
  • Natixis Securities Americas LLC

Also announced yesterday was the company’s Q1 2016 financial report, showing doubled net income over the same period last year, increasing from $7 million in Q1 2015 to $14 million today. Net sales increased 0.7%, increasing $39 million to reach a total of $5.6 billion.

US Foods

The company has been pushing towards streamlining its business in recent months, it seems. US Foods has acquired foodservice data startup, Food Genius, New England-based wholesale distributor, Cara Donna Provision Co., and family-owned foodservice distributor Dierks Waukesha. US Foods also recently confirmed that its Severn, MD, distribution center will close in June 2016.

Still, the company has not yet announced details on pricing for the IPO. US Foods has previously announced it will list its common stock on the New York Stock Exchange under the symbol “USFD.” Fortune had reported that US Foods planned to raise $100 million, and that this number is likely to increase as the filing moves forward. 

Other highlights from US Foods’ Q1 2016 financial report include:

  • Adjusted EBITDA increased $44 million to reach $203 million
  • Gross profit increased 31% to reach $949 million
  • Independent restaurant case volume grew 8.0%.
  • Operating income increased $43 million, or 102%, to $85 million in 2016

With US Foods building steam towards a future IPO, you can count on DeliMarket News to update you with breaking news.

US Foods