Ares, Serta and Simmons Parent, Launches IPO
NEW YORK-Ares Management, one of the parent companies of mattress manufacturers Serta and Simmons and of retailer Neiman Marcus, has begun an initial public offering, according to a filing with the U.S. Securities and Exchange Commission.
The filing did not specify how many shares are in the IPO, or the price per share, nor did it provide an estimate of the net proceeds from the IPO. Ares said it intends to apply for listing of its common shares on the New York Stock Exchange under the symbol ARES.
The company also described itself in the filing as a "global alternative asset manager with approximately $74 billion in assets under management." It has offices in the United States, Europe and Asia.
Ares said it will use the net proceeds to purchase newly issued Ares operating group units, to partially repay outstanding balances under its revolving credit facility, for general corporate purposes and to fund what it described as "growth initiatives."