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Private equity firm Apollo Management bought out Affinion in 2005. It was part of a spin-off from Cendant.

Now, Apollo has filed a public offering for Affinion -- so as to take some money off the table.

Founded about 35 years ago, Affinion develops marketing and loyalty campaigns for major companies around the world. The services span from direct mail to Internet approaches.

The model is based mostly on recurring revenues, which Wall Street likes. What's more, the operating margins are strong and the company pumps out tons of cash flow. Last year, revenues were about $1.1 billion and adjusted EBITDA was $264 million.

Affinion has more than 5,200 affinity partners. Some include JP Morgan Chase and Co. (NYSE: JPM), Bank of America (NYSE: BAC), Royal Bank of Scotland, Société Générale, Staples Inc. (NASDAQ: SPLS), 1-800-FLOWERS.Com (NASDAQ: FLWS), and Priceline.Com, Inc. (NASDAQ: PCLN).

This is likely to be a big IPO -- raising in excess of $600 million. So far, no underwriters have been announced.

To read the prospectus, you can go to the SEC website. And, if you want to see some more recent IPO filings, click here.

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

Apollo to cash out on Affinion originally appeared on BloggingStocks on Fri, 29 Jun 2007 15:30:00 EST. Please see our terms for use of feeds.

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