December 9, 2013 |
Let the road show begin. Aramark, one of the world's leading purveyors of hot dogs and hospital gowns (among many other things), last week began pitching itself to potential investors. The Philadelphia company has undertaken its third IPO with a goal of raising at least $561 million after expenses to go toward paying off portions of its $5.8 billion debt. The first step in the sale is the so-called road show, in which company representatives make presentations to analysts, fund managers, and potential investors in hopes of boosting interest.
September 11, 2013 |
As had been expected since late July, Aramark, the Philadelphia food-service giant, filed Monday with the Securities and Exchange Commission for its third public offering of stock. The filing, called an S-1, lacked details, such as how many shares the company will sell and at what price, but said the company would use the proceeds to repay some of its $6.2 billion in debt. Analysts have estimated that Aramark, owned by a group of private equity firms and management, could be worth as much as $12 billion on the stock market.
August 25, 2013
TO BECOME A journalist, I had to unlearn good manners. Mom always taught me that you didn't ask people their age, money, religion or politics, in that order. That's rude, she said. She may have been right for dinner parties, but this job often requires asking rude questions. Or making rude suggestions. I am reluctant to tell other people how to spend their own hard-earned money, but I will do it because some readers asked, after my Aug. 19 column that basically decried Philadelphia's lack of leaders, where they will come from.
August 12, 2013 |
Aramark Corp., the Philadelphia food-service and uniform company, confirmed last week that it is contemplating another run at the stock market. It would be the third initial public offering in the history of Aramark, which is headquartered at 11th and Market Streets and employs more than 6,500 people in the city. A third IPO - that could value Aramark at $12 billion, one analyst estimated - would put Aramark in rare company. "There have only been a handful of companies that have gone public three times and have gone private twice," said Jay R. Ritter, a finance professor at the University of Florida in Gainesville.
July 19, 2013
Food-service provider, Aramark announced the construction of a new business services center in Nashville, Tenn., that will affect hundreds of Philadelphia jobs. An Aramark spokesman said that about 300 workers here, primarily in finance and human resources, may choose to apply for positions at the new facility or elsewhere in the company, or face being laid off over the next two to three years. The company, headquartered in Philadelphia, posted global annual revenues of $13.5 billion in its most recent annual report.
May 24, 2013
When your nickname is Donnie Baseball, you better get used to the heat when the team you manage is a miserable 19-26. Dodgers skipper Don Mattingly did not make any allies (among the people most important to him in his job) when, before Wednesday's game vs. the Brewers, he questioned his team's "grit" and the bosses who saddled him with highly paid all-stars he believes don't have much of the stuff. In any case, following his blast, the Dodgers hammered the Brewers, winning, 9-2, to match their highest run total of the season.
May 17, 2013 |
AS AN INMATE laborer at the Curran-Fromhold Correctional Facility, Chal D. Kennedy Sr. worked in the kitchen, heating and serving meals for nearly 400 inmates and then cleaning up after them. That meant scrubbing down two giant ovens once or twice a week with a noxious degreaser that kept him coughing and left a sudsy sludge up his arms. "You look like you just came out from under an automobile," Kennedy, 46, of North Philadelphia, said of the two-hour, two-man cleanups. For the nearly three years he worked that $1.61-a-day job, prison staff ignored inmates' repeated requests for protective gear or training, he said.
May 2, 2013 |
Claude Feninger, 87, of Malvern, who built grand luxury hotels around the world for Hilton, Sheraton and Omni, died Sunday, April 28, of kidney disease at his home. Before his retirement in the early 1990s, Mr. Feninger was president of international operations for Aramark. His responsibilities included servicing the Olympic Games for many years. Throughout his career, Mr. Feninger brought European hotel luxury and services to the United States. On the world stage, he developed, constructed, arranged financing for, and created hotel operations at 85 properties on six continents.
March 12, 2013 |
When Camden's LEAP Academy University Charter School compelled its new food-service management company to retain the school's executive chef and give him a $24,000 raise, LEAP also had to pay a $151,428 penalty to its previous vendor, documents show. Including Michele Pastorello's new $95,000 salary, LEAP has spent nearly $250,000 this school year to keep him employed as executive chef. The position typically pays about $40,000, according to industry experts. Pastorello is the live-in boyfriend of LEAP founder and board chairwoman Gloria Bonilla-Santiago.
February 24, 2013
In the Region Aramark to sell $1B in notes Aramark Corp. , of Philadelphia, the privately held food concessionaire, plans to sell $1 billion of senior notes to refinance debt. The company intends to sell seven-year bonds that may be rated B3 by Moody's Investors Service , according to a person familiar with the offering who asked not to be identified, citing lack of authorization to speak publicly. Aramark is raising funds as it begins a tender offer, announced Thursday, to buy back as much as $2.38 billion of outstanding obligations.