After a near brush with insolvency, new owners and a successful acquisition, Unique Fabricating Inc. plans to go public.
The Auburn Hills, Mich.-based supplier of die-cut plastic and foam components filed a registration statement for an initial public offering Monday with the U.S. Securities and Exchange Commission.
Unique plans to raise between $14.93 million and $17.25 million in the IPO by selling 1.9 million shares at a price range of $8 per share to $10 per share. The pricing indicates the supplier has a market cap of roughly $81 million.
Unique will be traded on the New York Stock Exchange under the symbol UFAB.
No timeline has been set for the offering.
The IPO marks a resurgence for the company, which battled insolvency during the automotive collapse in 2008 and 2009, causing its private equity lender, American Capital Ltd., to take control of the fabricator in a debt-for-equity swap.
Under a new leadership team, Unique Fabricating averaged 10 percent to 12 percent year-over-year growth. But opportunities arose for nonorganic growth, which called for a new financial backer.
New York City-based Taglich Private Equity LLC teamed with Unique management to structure a $41.5 million acquisition in March 2013 — and an exit for American Capital.
Nine months later, Unique closed on a $16 million deal to acquire Louisville, Ky.-based PrescoTech Industries Inc. in December 2013. That allowed the automotive supplier to diversify into home and commercial heating, ventilation and air conditioning.
Unique's customer base continues to be dominated by automotive, which accounts for 80 percent of its revenue, according to the filing. General Motors Co. remains its largest customer, representing nearly 18 percent of its $121 million in revenue in the 12 months ending on Sept. 30.
Majority shareholder Detroit-based investment firm Peninsula Capital Partners LLC will reduce its ownership stake from 21.34 percent to 16.71 percent in the IPO. Peninsula was founded by former W.Y. Campbell & Co. co-founder William Campbell.
John Weinhardt, president and CEO of Unique, and other officers will also reduce their ownership in the company through the public offering.