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CSAV sets sights on IPO, hopes to raise $201 million
Income at the Savage-based maker of audio-visual equipment hardware has been falling. IPO proceeds would go to pay debt.
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CSAV Holding Corp., which makes commercial audio-visual mounting equipment, has filed documents with the Securities and Exchange Commission for an initial public offering that could raise $201.25 million.
The Savage-based company's products include supports for large flat-panel displays, projector mounting equipment and speaker stands. Proceeds of the offering would be used to pay down debt.
CSAV's sales in 2006 were $204 million, up 56.8 percent from 2005, and net income was $12 million, down 24.4 percent from the previous year.
For the six months ended June 30, CSAV posted sales of $108.7 million, up 31.6 percent from the same period last year, and net income of $6.5 million, down 23 percent from the year-ago period.
Citing industry research, CSAV says that global sales of flat-panel displays are expected to increase from 25.5 million units in 2005 to 76.1 million this year, a compound annual growth rate of 72.9 percent, and then at an annual rate of 23.4 percent from 2007 to 2010. The company said that global sales of projector systems are expected to increase from 4.1 million units in 2005 to 5.8 million units in 2007, an 18.6 percent compound rate, and then rise at a compound annual rate of 26.1 percent from 2007 to 2010.
The offering is being underwritten by Wachovia Securities, Piper Jaffray, William Blair & Co., Jefferies & Co. and Robert W. Baird & Co. The volume of shares to be sold and the offering price were not determined.
Legal publisher Dolan Media was the most recent Minnesota-based company to complete an IPO, raising $195 million from its Aug. 1 offering.
Compellent Technologies, a data storage firm, registered July 2 for an IPO, and could price in early October. Compellent hopes to raise approximately $60 million.
Patrick Kennedy • 612-673-7926
Patrick Kennedy • pkennedy@startribune.com
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