Goode Partners-backed Chuy's raised $75.83 million in its IPO after pricing about 5.83 million shares at $13 apiece. All of the shares in the offering were offered by the company, which owns and operates 36 full-service restaurants that serve up Tex Mex inspired dishes. Chuy's shares closed their first day trading on the NASDAQ under the symbol CHUY up at $15.06.
Since the beginning of 2003, PE investors have sold or taken public 54 U.S. companies primarily involved in the Restaurants & Bars industry, according to the PitchBook Platform. So far this year, five Restaurants & Bars exits have been completed, putting the industry on track for another year of solid exit activity, comparable to the levels seen during its peak years (2005-2007). Unlike in many other industries, the corporate acquisition exit strategy (selling the company to a strategic acquirer) has taken a backseat to both secondary buyouts (selling to other PE investors) and IPOs in Restaurants & Bars. Since 2003, secondary buyouts have dominated the activity with a 61% share. IPOs follow far behind in second place at 21%.
*2012 to date
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