SiteOne Landscape Supply has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No terms were given in the filing, but the offering is valued up to $100 million, although this number is usually just a placeholder. The company plans to list on the New York Stock Exchange under the symbol SITE.
The underwriters for the offering are Deutsche Bank, Goldman Sachs and UBS Investment Bank.
This is the largest and only national wholesale distributor of landscape supplies in the United States, and it has a growing presence in Canada. The customers are primarily residential and commercial landscape professionals who specialize in the design, installation and maintenance of lawns, gardens, golf courses and other outdoor spaces.
Through its expansive North American network of 460 branch locations in 44 states and five provinces, the company offers a comprehensive selection of more than 90,000 stock keeping units (SKUs), including irrigation supplies, fertilizer and control products, landscape accessories, nursery goods, hardscapes, outdoor lighting and ice melt products.
The company also provides complementary, value-added consultative services to support product offering and to help customers operate and grow their businesses. Based on net sales for the period ended December 28, 2014, or the 2014 fiscal year, SiteOne estimates that it is nearly four times the size of its largest competitor and larger than the next two through 10 competitors combined.
Based on management’s estimate, the company believes that it has either the number one or number two local market position in nearly 80% of metropolitan statistical areas where it has one or more branches. Market leadership, coast-to-coast presence, broad product selection and extensive technical expertise provide SiteOne with significant competitive advantages and create a compelling value proposition for both our customers and suppliers.
The company intends to use the net proceeds from its offering to pay down a portion of its indebtedness, as well as for working capital and general corporate purposes.
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