PYA Monarch Drops IPO, Explores sale possibility

By: Bubbajunk.com

WASHINGTON -- PYA/Monarch Inc., a division of Sara Lee Corp., withdrew its planned $160 million initial public offering and said it might be sold to an unnamed third party.

The Greenville, S.C.-based PYA/Monarch is one of the country's largest foodservice distributors. Its plan to go public was part of a strategy plan by parent Sara Lee to divest a number of its assets, which would allow it to focus on a smaller number of branded consumer products. In a filing with the U.S. Securities and Exchange Commission, PYA Monarch said, "The registrant's sole stockholder has determined to sell the registrant to a third party, which will preclude the registrant from proceeding with a public offering of its common stock."