| Ticker: PSDS | 550 Biltmore Way, 10th Floor | |
| Exchange: NASDAQ-National Market | Coral Gables, Florida 33134 | |
| Industry: Wholesale | (305) 529-2500 |
| Type of Shares: | Class A Common Shares | Filing Date: | 9/6/96 | |
| U.S. Shares: | 3,400,000 | Offer Date: | 11/11/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $14.00 - $16.00 | |
| Primary Shares: | 3,400,000 | Offer Price: | $14.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.98 | |
| Offering Amount: | $51,000,000 | Selling: | $0.55 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | - | |||
| Spin out parent firm: | Onex Corporation | |||
| Manager | Tier | Phone |
| Morgan Stanley & Co. Incorporated | Lead Manager | (212) 703-4797 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Smith Barney Inc. | Co-manager | (718) 921-8473 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 6/29/96 | 7/1/95 | 6/29/96 | ||
| Revenue: | $3.46 | $2.01 | $1.45 | Assets: | $502.00 |
| Net Income: | -$0.80 | -$18.00 | -$1.20 | Liabilities: | $469.30 |
| EPS: | Equity: | $32.70 | |||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is an independent food service distributor specializing in distribution to chain restaurants. It distributes a wide variety of items, including meat and poultry, seafood, frozen foods, canned and dry goods, produce, dairy products, etc. The company distributes a wide variety of items, including fresh and frozen meat and poultry, seafood, frozen foods, canned and dry goods, fresh and pre-processed produce, beverages, dairy products, paper goods and cleaning and other supplies. The company specializes in providing food and food-related products to two segments of the restaurant industry -- limited-menu quick service restaurants, including Burger King, Arby's, Long John Silver's, Sonic, Chick-fil-A, TCBY and Wendy's, and casual dining restaurants, including Red Lobster, Olive Garden, TGIFriday's and Chili's. The company was formed in 1992 to acquire Burger King Distribution Services, the "in-house" distributor for Burger King Corporation, which serviced approximately 4,150 Burger King restaurants. In the four years since the acquisition, the company has, through a combination of acquisitions and internal growth, become a leading distributor to chain restaurants, servicing approximately 14,450 restaurants within 18 different restaurant chains. Through a series of acquisitions during 1993 and 1994, the company added approximately 1,100 of the restaurants included in its current customer base. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to prepay a portion of the company's outstanding indebtedness. |
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