ASV goes public again
One of the reasons we have moved to the Star Tribune 50 is that not enough companies are going public to replace those that have been acquired. ASV Holdings Inc. — a Grand Rapids, Minn.-based maker of compact track and skid steer loaders — could be the next to join, or in ASV’s case, rejoin our list.
On March 24, the company filed an initial registration statement with the Securities and Exchange Commission. On May 12, it priced its 3.8 million shares at $7 per share and raised $26.6 million. It previously was public from 1994 to 2008.
Company roots go back to 1983 and founders Edgar Hetteen and Gary Lemke. The company’s Posi-Track undercarriage system built on tracks instead of wheels distributes vehicle weight over a greater area reducing soil compaction. The skid steer loaders proved valuable for agricultural, construction and landscaping companies.
Revenue eroded under corporate owners. The last time ASV was on our list, it was 65th with revenue of $246 million; the IPO documents show 2016 revenue was $103.8 million.
The pending split between Pentair’s water and electrical businesses, announced on May 9, could eventually lead to another public company headquarters company in Minnesota.
Pentair announced the split would occur in the second quarter of 2018.
Pentair’s water division in 2016 had $2.8 billion in revenue and the electrical business $2.1 billion.
Pentair was initially registered in Switzerland after its 2012 merger with Tyco International’s flow control unit.
It subsequently moved its headquarters to London and registered as an Irish company. The operational headquarters remained in Golden Valley.
We shall see where all the headquarters for both new companies shake out next year.