More good news for the owners of Fairway Market. After celebrating the reopening of their Red Hook store at the beginning of the month, the company will now move on to preparing for a $200M IPO, according to Crain's New York Business.
"The 12-store chain owned by Sterling Investment Partners will set a price range for the IPO and begin pitching the sale to investors in the first week of April," stated anonymous sources in the article.
The piece went on to say that Fairway's sales have climbed for "at least three straight years, as it has expanded throughout suburban New York, New Jersey and Connecticut," generating a revenue of $633 million 12 months through December 2012.
This, despite suffering losses of $2.1 million in merchandise and $3.4 million of property and equipment destroyed by Hurricane Sandy last year.
The stock will be listed on the Nasdaq Stock Market under the symbol FWM.