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Zoe’s Kitchen raises IPO target range

Zoe’s Kitchen raises IPO target range

Company to price shares between $13 and $15

Zoe’s Kitchen Inc., the parent company to the Zoës Kitchen chain, increased Tuesday the per-share target range of its initial public offering, which is expected to be held Friday.

The Plano, Texas-based fast-casual operator said it now plans to raise up to $87.5 million by offering 5.8 million shares at between $13 and $15 each, according to amended registration statements with the Securities and Exchange Commission. Earlier filings called for the same number of shares priced between $11 and $13.

Founded in 1995 by Zoë and Marcus Cassimus in Birmingham, Ala., Zoe’s Kitchen is owned primarily by private-equity firm Brentwood Associates, which acquired the concept in 2007. As of Feb. 24, Zoës Kitchen had 111 units in 15 states.

According to SEC filings, Zoe’s Kitchen had revenues of $116.4 million for the Dec. 30-ended 2013 fiscal year, compared with $79.7 million in the prior year. Average unit volumes were near $1.5 million, and same-store sales in 2013 increased 6.9 percent compared to the prior year, lapping a 13.4-percent increase in same-store sales in 2012.

Jefferies LLC, Piper Jaffray & Co. and Robert W. Baird & Co. Inc. are acting as joint book-running managers for the proposed offering. William Blair & Co. LLC, Stephens Inc. and Stifel are acting as co-managers.

Contact Ron Ruggless at [email protected].
Follow him on Twitter: @RonRuggless

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