CHARLOTTE, N.C. (March 30, 2015) — American Tire Distributors Holdings Inc. (ATD) has requested that its proposed public offering be withdrawn, citing the acquisition of a “significant stake” by affiliates of Ares Management L.P.
ATD made the request March 23 to the Securities and Exchange Commission (SEC) in an RW filing.
The wholesaler had proposed the public offering in June 2014, saying at the time it expected to use the net proceeds from the offering primarily to repay a portion of its existing long-term debt.
The need for the IPO was made moot in February when Ares Management notified ATD of its intention to buy a “significant” stake in the company that would make it an equal ownership owner with TPG Capital L.P., then the majority shareholder.
Ares Management' Private Equity Group since has acquired 48.4 percent of ATD's common stock, with the remaining 1.9 percent held by ATD directors and executives, according to ATD's 10K filing.
In its RW filing, the company said “no securities have been sold pursuant to the registration statement.”
ATD also acknowledged that no refund will be made for fees paid to the SEC in connection with filing of the registration statement, The company did request, however, that all fees paid to the SEC in connection with the filing be credited to its account, to be offset against the filing fee for any future registration statement or registration statements the company may file.
