Bain loosens up on Innophos

Posted Jun 1st 2007 9:45AM by Tom Taulli
Filed under: SEC Filings, Private Equity

Innophos Holdings (NASDAQ: IPHS) is the largest North American producer of specialty phosphates. Last year, the firm generated sales of $541.8 million and EBITDA of $30.9 million.

Now, the company has filed with the SEC to issue 5 million shares in a follow-on offering. That comes to about $77.6 million.

But the cash won't go the company. Instead, it will fall into the pockets of the private equity firm, Bain Capital. As of now, Bain has a 48.5% equity stake.

Interestingly, it was back in November that Innophos had its IPO. Much of the money was used to pay down debt. There was also a $13.2 million payment to Bain to terminate its advisory agreement.

Since its IPO, the shares of Innophos have had a decent performance -- going from $12 to $15.36

The underwriters on the follow-on offering include Credit Suisse (NYSE: CS) and UBS Investment Bank (NYSE: UBS).

You can find the the filing at the SEC website.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

Tags: Bain Capital, Credit Suisse, CS, Innophos, Innophos Holdings, InnophosHoldings, IPHS, IPO, phosphates, private equity, PrivateEquity, SEC filings, UBS