Boot Barn Holdings Inc. filed its S-1 form with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). There were no terms given for this offering but it can potentially raise up to $86.25 million. The company plans to list on the New York Stock Exchange under the symbol BOOT.
The underwriters for this event are listed as being J.P. Morgan, Wells Fargo, Piper Jaffray, Baird, and Jeffries.
Boot Barn was founded in 1978. It has grown through sales and the acquisitions of competing chains. The company is a retail chain that deals in western and work-related footwear, apparel and accessories. It has 155 stores in 24 states as of late June. The store base expanded to 155 stores at the end of June from 86 stores as of the end of fiscal year 2012, with 14 new stores resulting from organic growth and 55 new stores resulting from strategic acquisitions.
Boot Barn’s product offering is anchored by an extensive selection of western and work boots and is complemented by a wide assortment of coordinating apparel and accessories. The western assortment includes many of the industry’s brands, such as Ariat, Dan Post, Justin, Levi Strauss, Lucchese, Miss Me, Montana Silversmiths, Resistol and Wrangler.
The company boasts 19 consecutive quarters of positive same store sales growth averaging 11.6% per quarter and same store sales growth of 6.7% in the 2014 fiscal year. Net sales increased to $345.9 million in 2014 from $168.7 million in 2012, representing a compound annual growth rate of 43.2%. In 2014 there was a net income of $5.7 million which was up from 2012 where there was a net loss of $5.3 million.
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The company plans to use the proceeds to repay a portion of its existing term loan facility. If you were to guess where Boot Barn’s headquarters is, where you first guess? Texas or Oklahoma? Or what about New Mexico or Arizona? Guess again, and keep going west — Irvine, Calif.
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