Douglas Dynamics Files for $150 Million IPO

NEW YORK (Reuters) – Douglas Dynamics Inc, which makes snow plows and salt spreaders for light trucks, filed for an initial public offering of up to $150 million on Friday.

The Milwaukee, Wisconsin-based company also sells hopper and tailgate-mounted sand and salt spreaders in the United States and Canadian markets, according to a filing with the U.S. Securities and Exchange Commission.

Douglas Dynamics posted net sales of $125.2 million in the nine months ended Sept. 30, down 5.8 percent from the year-ago period. The company posted net income of $2.7 million, down 57.2 percent.

Principal stockholders include funds affiliated with private equity firms Aurora Capital Group and Ares Corporate Opportunities and General Electric Pension Trust.

The IPO is being led by Credit Suisse and Oppenheimer & Co. The company plans to list on the New York Stock Exchange.

(Reporting by Clare Baldwin in New York; editing by Andre Grenon)