Dive Brief:
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Irving, TX-based Michael’s, the largest arts-and-crafts retailer in the U.S., raised about $472.6 million with shares priced at $17, the company said Thursday.
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Shares were priced at the lower end of an anticipated $17 to $19 price per share.
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Michaels owns and operates more than 1,100 stores in 49 states and has seen steady growth since it went private in 2007.
Dive Insight:
Arts and crafts retailer Michaels, founded in 1962, was taken private by private equity firms in 2007 and has seen steady growth since then. The retailer essentially met its expectations and will be ready to invest in an even greater surge in growth because it will be able to cut its debt. But going public this week was something of a muted affair that may reflect investors' tame interest in retail.