Diplomat to raise $200 million in stock offering
Flint, Mich. — Diplomat Pharmacy announced Friday the filing of a registration statement with the Securities and Exchange Commission in connection with a proposed follow-on public offering of its common stock. Subject to market conditions, the offering could raise approximately $200 million.
Diplomat expects to raise approximately $100 million of gross primary proceeds that will be used for working capital and other general corporate purposes, which may include debt repayment and/or future acquisitions. The selling shareholders and certain option holders, whose options will be repurchased by the company, will receive the remaining $100 million of gross proceeds expected to be raised in the offering.
The company and selling shareholders intend to grant the underwriters a 30-day option to purchase additional shares of common stock.
Diplomat will not receive any proceeds from shares of common stock to be sold by the selling shareholders.
Credit Suisse Securities and Morgan Stanley are acting as lead book-running managers. Additional book-running managers are J.P. Morgan Securities and Wells Fargo Securities. William Blair & Company, Leerink Partners and Raymond James & Associates are acting as comanagers.
Quantum co-founder named CEO
Chris Allan was a co-founder of Quantum Retail Technology and now he is the company’s CEO too.
Allan rejoined Quantum, a provider of merchandise optimization and inventory solutions, in late 2014 to lead the company’s retail development and delivery organizations. He will maintain that role in addition to serving as CEO.
“Chris was the natural choice to lead Quantum in its next phase of growth,” said Quantum board member, Mike Hrabe. “His record of leading innovative development initiatives paired with his success at building client-centric organizations made him the ideal choice as Quantum introduces new solutions and serves a broader segment of the retail market.”
Prior to his return to Quantum last fall, Allan was managing director at Accenture where he led the products analytics organization in the U.K. and Ireland. It was prior to his time at Accenture, that Allan co-founded Quantum Retail served in a variety of roles including chief customer officer and chief strategy officer. He also held a product strategy role at Retek, now Oracle.
“Quantum’s core solutions offer retailers unique relief in an increasingly chaotic retail marketplace where having a clear view to customer demand and tuning your inventory to meet that demand is of critical importance,” Allan said. “As more and more retailers come to depend on analytic insights only Quantum can provide, it becomes important that we find a broader array of ways that retailers can use our solutions either in a standalone capacity, or in conjunction with their existing legacy systems and processes. Quantum can help every retailer become more profitable.”
The company’s solutions portfolio, branded as Q, helps retailers with both comprehensive and granular predictions of their product demand based on consumer behavior while also providing the ability to act on that intelligence. The Q system continuously learns and dynamically analyzes and then responds to changes in demand for every product and store location to maximize value for retailers of all types, according to the company.
March Madness means lots of deals at Hhgregg
Just in time for spring’s college basketball showdown, Hhgregg is offering a winning deal to customers who shop in-store or online.
The retailer is offering zero down and no-interest financing until January 2018 on qualifying purchases from now until March 28.
“We’re very excited to offer this zero down, no interest finance option to our customers,” said Dennis May, CEO of Hhgregg. “The incredible deals and financing options running through March 28, coupled with our award-winning customer service, make this the perfect time for families to visit Hhgregg for a unique opportunity to affordably upgrade to the latest improvements and features in technology and appliances.”
Qualifying purchases include products from such brands as LG, Samsung, Whirlpool, Amana, Maytag and more. Hhgregg is also offering 25% off major appliances. The retailer’s markdowns include its lowest-priced-ever televisions:
- LG 65” LED HDTV for $699.99
- LG 50” LED HDTV for $499.99
- Samsung 40” LED Smart HDTV for $379.99
In addition to deals and discounts, Hhgregg is also giving away thousands of dollars in prizes.
“We’re also adding a few layups this season with our Ultimate Home Court Advantage Sweepstakes,” May added. “As part of the sweepstakes, Hhgregg is giving away $25,000 worth of must-have products through April 6, and sharing a video featuring Hhgregg’s record setting acrobatic basketball dunk.” Customers can enter to win up to four times daily by visiting http://www.hhgregg.com/homecourt,facebook.com/hhgregg, or sharing an Acrobatic Dunk Madness video on hhgregg.com for additional opportunities to enter to win.
Hhgregg is a multi-regional retailer with 226 brick-and-mortar stores in 20 states.