Einstein Noah Restaurant Group Inc. plans an initial public offering to raise up to $125 million, according to a filing with the Securities and Exchange Commission on Tuesday.
Einstein Noah, formerly known as New World Restaurant Group Inc., said it applied for listing on the Nasdaq market with the symbol “BAGL” (BAGL.O: Quote, Profile, The company owns, operates or franchises about 600 restaurants under the brand names Einstein Bros. Bagels, Noah’s New York Bagels and Manhattan Bagel.
Morgan Stanley and Cowen and Co. are expected to be the lead underwriters for the offering, according to the SEC filing. The company said it competes in the fast-casual segment of the restaurant industry with average checks under $10.
Einstein Noah said its financial performance has improved since the fourth quarter of 2003, when the company began a restructuring program to close under-performing stores and improve profit margins. Since then, it has reported nine consecutive quarters of positive comparable store sales.
“We are planning to open new company-owned restaurants under the Einstein Bros. and Noah’s brands,” the SEC filing said. “In 2007, we plan to open a total of 11 to 15 new company-owned restaurants.”
The SEC filing did not identify an anticipated initial offering price for the shares.
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