The parent company of Fairway Market filed for a $150 million initial public offering of stock, setting up a payday for controlling investor Sterling Investment Partners of Westport.
Fairway was founded in New York City and operates 11 grocery stores today, including stores in Stamford and Pelham Manor in Westchester County, N.Y.
Sterling Investment Partners acquired an 80 percent stake in Fairway Group Holdings Inc. in 2007, providing capital for the company’s recent expansion.
Fairway reported an $11.9 million loss for the fiscal year ending April 1, 2012, with revenue increasing 14 percent to $555 million. In the quarter ending July 1, sales were up 26 percent from a year earlier to $155 million, with Fairway losing $3.9 million for the quarter.
In August, Fairway Group secured $300 million in new financing to pay off existing debt and fund growth.
Fairway plans to trade on the Nasdaq Global Market under the “FWM” ticker symbol.
