CRANSTON, R.I. (WPRI) – Fast-growing Rhode Island jewelry manufacturer Alex and Ani LLC may be considering whether to go public.
Alex and Ani has begun searching for a new director of reporting, who would “manage internal and external” U.S. Securities and Exchange Commission (SEC) disclosures and draft “complete SEC registration statements and filings, including Forms S-1, 10-K and 10-Q,” according to a recent job posting.
An S-1 filing is the registration paperwork a private business files with the SEC when its owners decide to sell shares on a market such as the New York Stock Exchange through an initial public offering (IPO). Perhaps the most prominent recent example was Facebook Inc., which filed its S-1 in February 2012 and began trading on the stock market the following May.
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Gregg Perry, a spokesman for Cranston-based Alex and Ani, declined to comment directly on whether the job posting signals the company is preparing for an IPO.
“We are building an infrastructure within the company in anticipation of a new CEO joining Alex and Ani,” Perry told WPRI.com. “The infrastructure that’s being created, including the position you reference, will give us the ability to pursue multiple avenues of growth.”
Alex and Ani, which sells bangle bracelets and other accessories, was founded in 2004 and opened its first retail store in 2009. The company has said its revenue soared from less than $5 million in 2010 to $230 million in 2013, fueling speculation founder Carolyn Rafaelian and other early investors would seek to cash out through an IPO.
That speculation picked up speed earlier this month when Giovanni Feroce, Alex and Ani’s flamboyant and high-profile CEO since 2010, abruptly left the company without explanation. J.H. Partners LLC, a San Francisco-based private-equity firm, purchased a minority stake in the company in 2012.