Companies · Retailing

Army & Air Force Exchange Service

DALLAS · Retailing

Diligence memoA one-page analyst read on Army & Air Force Exchange Service — recommendation, valuation, rhythm, risks.
$940.0M
Total raised · real
3
Rounds
2.2×
Latest step-up
Top 1%
Sector rank · raised
Growth/Late
Latest stage · inferred · Tue Feb 28 2012 00:00:00 GMT+0000 (Coordinated Universal Time)

Army & Air Force Exchange Service has raised $940M over 3 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the retail sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Dormant
  • Last raise 14.3 yr ago; this sector typically re-raises about every 13 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Retailing

Army & Air Force Exchange Service is one of 2347 Retailing companies tracked from DALLAS. By capital raised it ranks among the largest (ahead of 100% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$1.3B$2.5B$3.8B$5.0BGrowth/Late · 2009-06-17 Raised $650M (real) Modeled valuation $3.9B (est)$650M$3.9BGrowth/Late2009Growth/Late · 2009-10-09 Raised $90M (real) Modeled valuation $543M (est)$90M$543MGrowth/Late2009Growth/Late · 2012-02-28 Raised $200M (real) Modeled valuation $1.2B (est)$200M$1.2BGrowth/Late2012+$90M+$200MCumulative $940M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Growth/Late$650.0M · 2009
Growth/Late extension$90.0M · 2009
Growth/Late extension$200.0M · 2012

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B, Series C, Series D+ — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 14%.

Modeled valuation trajectory
$1.2B
Base estimate est.
$1.4B
Conservative case
$2.2B
Upside case
$2.0B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Growth/Latea round over $400M). Valuation is modeled from stage benchmarks scaled by the retail sector profile. Directional, not a quoted figure.

Growth/Late · modeled $3.9B · 2009-06-172009Growth/Late · modeled $542.7M · 2009-10-09Growth/Late · modeled $1.2B · 2012-02-282012
Model inputs · modeled:benchmark-stage-stepup-v1
10%
Dilution assumption
Implied ownership sold in the financing.
81%
Survival probability
70% low · 87% high
0.95×/yr
Annual markup
1.04×/yr upside case
6.0 yr
Elapsed time used
14.3 yr actual, capped for stale marks
retail
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
16 mo
Avg between rounds
$348.2M/yr
Capital velocity
17.0 yr
On record since
2009
First round
3
Rounds on file
How it compares to the market

Benchmarked against 2347 companies in Retailing. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 596× above median
This company$940.0M
Sector median$1.6M
Latest round — vs other Growth/Late rounds in sector (real $, this stage) 0.4× of median
This company$200.0M
Sector median$559.5M
Modeled value — vs sector median (estimate, all stages) 209× above median
This company$1.2B
Sector median$5.8M

Raised more than 100% of sector peers (real $). Modeled value above 99% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Growth/Late) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.

This companyCohort peer
$1.0B$10.0B$100.0M$1.0BCapital raised (log)Sara Lee Corp · Growth/Late Raised $650.0M · modeled $3.9B (est)Caseys General Stores Inc · Growth/Late Raised $569.0M · modeled $3.4B (est)Army & Air Force Exchange Service (this company) Raised $940.0M · modeled $1.2B (est)Army & Air Force Exchange Service
CompanyStageRaised · realValue · estvs peer med.
Sara Lee CorpGrowth/Late$650.0M$3.9B1.14×
Caseys General Stores IncGrowth/Late$569.0M$3.4B1.00×
Army & Air Force Exchange Service this companyGrowth/Late$940.0M$1.2B0.35×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Growth/Late$650.0M2009-06-17$6.5B$3.9B90%
Growth/Late$90.0M2009-10-09$900.0M$542.7M90%
Growth/Late$200.0M2012-02-28$2.0B$1.2B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Growth/Late$650.0M2009-06-17
    • First recorded raise — entered as Growth/Late.
  2. Growth/Late$90.0M2009-10-09
    • Came back fast: 4 mo vs the ~13 mo sector norm.
    • Round 7.2× smaller than the prior — bridge or down round.
  3. Growth/Late$200.0M2012-02-28
    • Raised again after 29 mo — slower than the ~13 mo sector norm.
    • Round 2.2× larger than the prior — scaling up.
Intelligence
2013 ~Q3
Modeled next raise · ~16mo cadence
$444.4M
Modeled next size est.range $288.9M$711.1M
2.2×
Last step-up
$348.2M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Harold Lavender2009-06
Keith Thurgood2009-06
Renee Figge2012-02
Registry & provenance

Army & Air Force Exchange Service is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1467499
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
CBI Parent, L.P.RetailingGrowth/Late$735.2M$388.0Msame sector · same stage
Beacon Holding Inc.RetailingGrowth/Late$708.0M$201.6Msame sector · same stage
IM Group Holdings CorpRetailingSeries D+$584.6M$1.7Bsame sector
Vroom, Inc.RetailingSeries D+$582.4M$31.6Msame sector
Number Holdings, Inc.RetailingSeries D+$406.6M$1.2Bsame sector
Rent A Center Inc DeRetailingSeries D+$395.9M$2.2Bsame sector
Velocity Holding Company, Inc.RetailingSeries D+$382.5M$2.2Bsame sector
Sears Holdings CorpRetailingSeries D+$376.2M$1.2Bsame sector
Frequently asked
How much funding has Army & Air Force Exchange Service raised?
Army & Air Force Exchange Service has raised approximately $940.0M in disclosed capital across 3 recorded financing rounds, aggregated from public filings.
What is Army & Air Force Exchange Service's estimated valuation?
Provath's modeled valuation for Army & Air Force Exchange Service is approximately $1.2B (modeled range $1.4B–$2.2B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Army & Air Force Exchange Service at?
Army & Air Force Exchange Service's latest modeled financing stage is Growth/Late. Its most recent recorded round closed around Tue Feb 28.
What does Army & Air Force Exchange Service do and where is it based?
Army & Air Force Exchange Service operates in the Retailing sector, based in DALLAS.
Explore related

See where Army & Air Force Exchange Service sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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