Levy Co-founder Seeks $150 Million IPO

Levy Restaurants co-founder Larry Levy has filed for a $150 million initial public offering (IPO) of stock to finance acquisitions in the restaurant and hospitality industries, reports the Chicago Tribune. The stock, in an entity called Levy Acquisition Corp. (no relation to Levy Restaurants, a separate entity that is owned by Compass Group), is being offered for $10 each for 15 million shares. In its filing, the company says in has not identified any specific acquisition target or "initiated any substantive discussions, directly or indirectly, with any business combination target."

Levy is currently chairman of Levy Restaurants.