Advent to Retry Restaurant IPO

International Meal Company, the Brazilian restaurant operator controlled by Advent International, will reattempt an IPO on the Bovespa, according to a regulatory filing. IMC had planned a BRL800m plus filing in late 2009, but withdrew and instead raised $100m privately in June 2010. It has not indicated how much it is seeking to raise this time around, but plans to sell both primary and secondary shares held by Advent’s Brasil Empreendimentos vehicle. IMC plans to begin marketing February 17 and price on March 2, and has hired BTG Pactual as lead coordinator and Credit Suisse and Santander as bookrunners. IMC is raising funds for expansion, improving existing locations, and repaying debt. The company, best known for the Frango Assado and Viena restaurant chains, operates 214 “quick casual” restaurants found in Brazilian malls, airports and rest stops, and also has operations in Mexico and the Caribbean. It posted Ebitda of BRL103m in 2010 and BRL71.8m in 2009.