Civitas Solutions Inc. (NYSE: CIVI) has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its secondary offering. The selling stockholders are offering 3 million shares, with an overallotment option for 450,000 shares. At Tuesday’s closing price of $25.02, the entire offering is valued up to $84.46 million.
The underwriters for the offering are Barclays, Merrill Lynch, UBS Investment Bank, Raymond James, SunTrust Robinson Humphrey, BMO Capital Markets and Avondale Partners.
This company is the leading national provider of home-based and community-based health and human services to must-serve individuals with intellectual, developmental, physical or behavioral disabilities and other special needs. These populations are large, growing and increasingly being served in home-based and community-based settings. Civitas clinicians and caregivers develop customized service plans, delivered in non-institutional settings, designed to address a broad range of often life-long conditions and to enable those we serve to thrive in less restrictive settings.
In terms of its finances, the company detailed:
For fiscal 2014, we generated net revenue of $1,256 million and a net loss of $22.8 million, and for the nine months ended June 30, 2015, we generated net revenue of $1,016 million and a net loss of $1.2 million. Over the last three fiscal years ended September 30, 2014, we grew our annual revenue 20%, or $207 million, approximately 65% of which was from organic growth and approximately 35% of which was attributable to businesses acquired during this period or in the preceding year.
The company will not receive any proceeds from this offering. Instead the selling stockholders will receive all the proceeds. The largest selling stockholders are funds affiliated with Vestar and FMR.
Shares of Civitas were down 6.3% at $22.95 on Wednesday afternoon. The stock has a consensus analyst price target of $28.50 and a 52-week trading range of $11.88 to $27.85.
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