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Charles River Laboratories Corp.

This article was originally published in The Gray Sheet

Executive Summary

Initial public offering of up to $230 mil. in common stock by the former Bausch & Lomb business is outlined in an April 25 filing with the Securities and Exchange Commission. The Wilmington, Massachusetts provider of research animals and services for drug discovery is 73.6% owned by DLJ Merchant Banking Partners II following a Sept. 29 B&L divestiture; B&L retains 12.5% and current management the rest. Net proceeds to the stand-alone company will be used primarily for debt repayment. The number of shares and price per share have not yet been determined. CRLC sales for the year ended Dec. 25 increased 13.4% to $219.3 mil. Net income of $17.1 mil. was down 26.8%. Underwriters include Donaldson Lufkin & Jenrette Securities, Lehman Brothers, ING Barings, SG Cowen Securities, U.S. Bancorp Piper Jaffray, and DLJdirect, Inc
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