The Top 500 retailer buys Campus Deals, which offers mobile coupons to college students.
CDW wants to raise $500 million by going public
The IPO proceeds would be used to pay down $3.8 billion in debt.
Topics: business finance, CDW, CDW Corp., direct marketer, e - commerce, Finance, Financial economics, Goldman Sachs, initial public offering, Investment banking, IPO, ipo filing, j.p. morgan, Madison Dearborn Partners, Public company
It’s been six years since they leaving Wall Street, but computer gear and informational services direct marketer CDW Corp. now wants back on the stock market.
CDW, No. 10 in the 2012 Internet Retailer Top 500, has filed paperwork with U.S. Securities and Exchange Commission for an initial public offering.
The IPO filing says CDW, which traded publicly from about 1993 to about 2007 when it was acquired by investment banking firms Madison Dearborn Partners and Providence Equity Partners for about $7.4 billion, hopes to raise about $500 million by once more going public. The filing didn’t disclose how many shares and at what price CDW expects to sell, but the proceeds would be used to pay down debt and for general corporate purposes. Currently CDW’s total debt is about $3.8 billion against assets of about $5.8 billion, according to the filing.
In its IPO filing CDW doesn’t break out specific numbers for e-commerce but for the year ended Dec. 31 but did report:
- Total sales reached $10.12 billion, up 5.4% from $9.60 billion in 2011.
- Net income rose year over year 595.9% to $119.0 million from $17.1 million.
- Total corporate sales increased 2.6%to $4.44 billion in 2012 from $4.29 billion in 2011.
- Total public sales increased 6.9% to $4.02 billion in 2012 from $3.76 billion in 2011.
- Total customer base exceeds 250,000 companies, agencies, organizations and consumers.
- Available inventory online includes 100,000 products from 1,000 suppliers.
The companies underwriting CDW’s public filing include J.P. Morgan, Barclay’s Bank and Goldman Sachs.