Catterton’s pasta restaurant chain files IPO

Noodles & Company is offering about 5.4m shares on the US stock exchange and plans to sell each share for around $13 to $15.

Catterton Partners’ Noodles & Company filed for an initial public offering on Monday, according to US Securities and Exchange Commission documents. 

The offering lists 5.4 million shares and the company said it expects the offering price to be between $13 and $15, according to SEC documents. An additional 803,571 shares will be offered to underwriters, which include Morgan Stanley and UBS, according to the filing. The restaurant chain plans to list its stock on the NASDAQ, under the ticker symbol NDLS.
 
Catterton declined to comment.

Catterton, which manages more than $2.5 billion of assets under management, acquired Noodles & Company in 2010, along with Canada-based Argentia Private Investments. Prior to the offering, Catterton, Argentia and its affiliates owned about 45 percent of the company’s outstanding equity interests. After the offering closes, Catterton will own 36.7 percent and Argentia will own 36.3 percent.

Colorado-based Noodles & Company operates more than 343 fast-casual restaurants across 26 states and Washington, DC, as of 28 May, according to the SEC filing. The company opened its first restaurant in 1995 and offers cooked-to-order noodle and pasta dishes, as well as soups, salads and sandwiches, according to the SEC document. Noodles & Company is run by Chairman and Chief Executive Officer Kevin Reddy, and President and Chief Operating Officer, Keith Kinsey. Both joined the restaurant chain in 2005, after working at McDonald’s and Chipotle.

Catterton invests in other retail, restaurants, and food and beverage companies including Outback Steakhouse’s parent company Bloomin’ Brands, Cheddars restaurant chain and maker of breakfast products, Van’s Foods, according to the firm's website.