Bare Escentuals plans stock sale
This article was originally published in The Rose Sheet
Executive Summary
Firm is offering 8 mil. shares at an initial price of $36.50 apiece to raise $2.9 mil. in funds to be used for "general corporate purposes and working capital," Bare Escentuals announces June 14. The company itself will sell 100,000 shares; the remaining 7.9 mil. will be sold by shareholders, including members of Bare Escentuals' management. The sale will reduce Berkshire Partners LLC's stake in the firm from 29.9% to 25.5% and JH Partners LLC's interest from 14% to 11.9%. Goldman Sachs is the lead underwriter for the offering, and some stockholders have offered the underwriters an option to purchase up to 1.2 mil. additional shares...