Alliance Laundry Holdings, the world's leading producer of commercial washing machines and dryers, raised $826 million by offering 37.6 million shares (35% secondary) at $22, the high end of the range of $19 to $22.
Owner BDT Capital Partners sold 3.4 million more shares (+35%) than anticipated; the primary share offering was unchanged. New investors Capital International Investors and Kayne Anderson Rudnick had indicated on $200 million of the IPO (24% of the deal).
While the US government shutdown is putting a damper on IPO activity, the SEC declared Alliance's registration statement effective before the shutdown went into effect, a move that may have limited it to offering the proposed number of primary shares and pricing within the range.
Alliance Laundry Holdings designs and manufactures commercial laundry systems used in healthcare facilities, hotels, laundromats, fire stations, and other institutional settings, along with consumers seeking industrial-quality equipment. Alliance claims that it holds an estimated 40% share of the North American commercial laundry market and maintains a leading position in growing markets around the world.
The Ripon, WI-based company plans to list on the NYSE under the symbol ALH. BofA Securities, J.P. Morgan, Morgan Stanley, Baird, BDT & MSD, BMO Capital Markets, Citi, Goldman Sachs, and UBS Investment Bank acted as joint bookrunners on the deal.
