Potbelly files papers for IPO
Sandwich shop chain Potbelly has filed for an initial public offering of its stock.
The company did not say when it expects to go public, how many shares it might sell, or an expected price range for the offering. However the company said it recently declared a special dividend of $49.9 million and said it intends to use the proceeds of the IPO to pay that dividend. Potbelly proposes that its shares will trade on the Nasdaq Global Select Market under the ticker symbol “PBPB.”
The underwriters of the planned IPO are BofA Merrill Lynch, Goldman Sachs, Robert W. Baird, William Blair, and Piper Jaffray.
Potbelly Corp. is based in Chicago and was founded in 1977. Its stores sell toasted sandwiches, salads, hand-dipped milkshakes, and other items made to order.
It has 286 Potbelly Sandwich Works shops in 18 states and Washington, D.C., and 12 locations in the Middle East. All of its Middle East locations and six of its U.S. shops are franchised, and the rest are owned by the company. Potbelly said its revenue rose 15.5 percent to $274.9 million in 2012.
New hair salon coming to Kettering
Kettering will soon get a new hair salon, as City Salons of Kettering has leased space at 3121 Far Hills Ave. in the Fountain Square shopping center, according to Tony Pinto, commercial real estate manager for Huber Management Corp.
The 1,300-square-foot space formerly housed Cache Hair Salon. City Salons of Kettering, operated by Drew Tavernier, signed a one-year lease with options to renew and expand, Pinto said. STAFF REPORT
GE Aviation venture signs new $1.7B engine deal
Engine maker CFM International has landed a billion-dollar order for its future LEAP engine, expected to hit the market in 2016.
Canadian company WestJet Airlines has signed a letter of intent with Boeing and CFM to buy 65 of Boeing’s 737 MAX airplanes, CFM International announced Thursday(Aug. 29). Boeing selected in 2011 the LEAP engine to be the sole engine supplier for its 737 MAX airplanes, according to CFM.
CFM of West Chester Twp. is a joint venture of GE Aviation and French company Snecma. GE Aviation is based in Evendale, in Hamilton County.
The pending deal between CFM and WestJet is valued at $1.7 billion.
The LEAP engine in development will give 737 MAX airplanes 13 percent better fuel consumption, reduced carbon dioxide emissions and a 50 percent reduction in oxides of nitrogen emissions, CFM said. STAFF REPORT