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ATD Withdraws IPO

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ATDlogoATD withdrew its plans for an initial public offering on March 23, according to NASDAQ.

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The company originally filed in June 2014 for an IPO that was expected to raise $500 million or more.

In February 2015, TPG sold about half of its 94% stake in ATD to Ares for $620 million. At the same time, it issued $805 million in bonds to refinance $425 million in 11.5% 2018 notes and pay a $370 million dividend to TPG, said NASDAQ.

ATD recently announced a $94.6 million deficit for fiscal 2014, despite increasing sales by 31%.

The company also had an operating loss of $407,000, which it attributed to triple-digit increases in management fees and transaction expenses.

The company’s 2014 sales jumped to just over $5 billion based on eight acquisitions that added $993.7 million to revenue, said the company.

ATD’s net loss was 15 times greater than its fiscal 2013 deficit, according to the firm’s figures, despite $53.7 million in tax benefits.

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