Milestone AV Technologies cancels IPO

The Savage, Minn.-based company did not disclose a reason for the cancellation, but said the withdrawal of its IPO registration statement "is consistent with the public interest and the protection of investors."

In December, Milestone cut the expected price range of its planned IPO to between $12 and $14 per share, in a sign of weak demand. The company previously expected the offering to price from $14 and $16 apiece.

A group of stockholders, including Friedman Fleischer & Lowe Capital Partners LP, was expected to sell some of the shares in the offering.

Milestone originally registered for an IPO in September under the name CSAV Holding Corp.

The company serves more than 4,500 customers, including Dell and Best Buy. Its mounting products are sold under the "Chief" and "Sanus" brand names, as well as the "iC," "Vuepoint" and "simplicity" brands.

For the nine months ended Sept. 30, Milestone reported earnings of $9.8 million on net sales of $178.8 million. The company planned to use its net proceeds from the IPO to repay debt.

Wachovia Capital Markets and Piper Jaffray were expected to serve as the IPO's joint book-running managers. William Blair & Co., Jefferies & Co. and Robert W. Baird & Co. were also listed as underwriters.