Advanced Drainage Systems, the world’s largest producer of corrugated plastic pipe, and growing, plans to make an initial public offering of stock.
A date has not been set yet. Nor was the number of shares to be offered disclosed in a company filing with the Securities and Exchange Commission. The company plans to use the proceeds for “general corporate purposes and to repay debt.
Renaissance Capital, a Greenwich, Connecticut, a research firm that specializes in initial public offerings, estimated that the proceeds will be about $300 million.
Headquartered in Hilliard, Advanced Drainage employs 212 in Findlay and 3,700 globally. It bought Hancor, in Findlay, in 2005, then its largest competitor. Advanced Drainage Systems has 58 factories and 28 warehouses, including two factories and three warehouses in Canada, four factories in Mexico, four factories and five warehouses in South America and one warehouse in Europe.
Advanced Drainage Systems’ pipes and other drainage products are used in storm water and sanitary sewer systems in commercial, institutional, manufacturing and housing construction, and agriculture. Its pipes and drainage products also are sold by Lowe’s, Menards, Home Depot, Ace Hardware and Do it Best.
It has been growing. In the past year, it opened a new factory in Brazil for a joint venture wih Tigre S.A. and added distribution supply yards in Morrisburg, Ontario, and in Moncton, New Brunswick. It added a fourth manufacturing line to is Saint-Germain, Quebec, plant.
It also bought two competitors. It acquired a controlling interest in a new joint venture with BaySaver Technologies, of Mount Airy, Md. The new company, Bay-Saver, continues to be based in Mount Airy and focuses on storm water filtration and separation technologies. Advanced Drainage Systems also bought Inlet & Pipe Protection of Naperville, Ill., maker of storm water inlet filters used to trap debris.