Sprouts supported by Apollo in its IPO of up to US$300M

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According to a Reuters news report, organic grocer Sprouts Farmers Markets LLC is financially supported by Apollo Global Management LLC, a private equity firm. Sprouts applied to increase capitalization up to US$300 million its initial public offering of common shares. The application with the US Federal Regulators did not divulge the number of shares the Sprouts is arranging to tender or the value of the terms.

In 2011 the Phoenix, Arizona based retailer was purchased by a private equity firm then it merged with another Apollo holding, Henry's Farmers Market. Like Henry's, Sprout also merged with another grocer Sunflower Farmers Market in 2012. Sprouts Farmers Market reported net revenue of US$19.5 million on its pro forma sales of US$2.0 billion. Joint equivalent store sales of nine point seven percent.

Sprouts is planning to list with Nasdaq under the acronym "SFM". It operates in over one hundred fifty stores in the United States. Sprout intends to allocate the proceeds of its initial public offering for settlement of loans and for other requirements of the corporation.

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