Cincinnati-based AdvancePierre Foods has reached out to Credit Suisse AG, Barclays Plc, and Morgan Stanley to manage its upcoming initial public offering, reports Bloomberg.

 

The company, which is backed by Oaktree Capital Group, and is Cincinnati’s second largest private company, produces more than 3,000 food products, and could be valued at as much as $2.5 billion through the float.

 

Although AdvancePierre, which posted 2015 earnings before interest, taxes, depreciation, and amortization (EBIDTA) of approximately $260 million has looked for a buyer in the past, the company decided to explore the alternate path of going public. And although an offering had originally been planned for the first quarter of 2016, like many other companies, AdvancePierre is waiting for the volatility within the U.S. market to stabilize before acting. No companies went public on the U.S. market in the month of January due to ongoing volatility, according to Bloomberg.

 

If completed, AdvancePierre’s IPO would be only the second Cincinnati-based float to occur since 2012, and would be only the city’s fourth in the past 15 years, reports the Cincinnati Business Courier.