Buzz-Savers Value Village slides as Ares to carve stake
SVV•Secondary offering weighs on shares
- Thrift operator Savers Value Village's SVV.N shares were down 11.9% post-market at $10.40 after secondary offering news.
- Bellevue, Washington-based SVV commences a 15 million share offering by Ares private equity, credit funds and accounts.
- Also, co to buy up to $10 million of the offering shares from the underwriters.
- JP Morgan, Goldman Sachs, Jefferies and UBS are joint bookrunners.
- Prior to the offering, Ares ARES.N held about 117.4 million shares, roughly 76% of SVV's 154.3 million shares outstanding, per the prospectus.
- SVV stock closed down 4% at $11.80 on Tuesday. The stock has risen 59% over the past three months, putting it up 26% year to date.
- Eight of 11 analysts rate the stock "strong buy" or "buy"; three rate it "hold". Median price target: $14.50, per LSEG data.
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