Taggares Agriculture Corp, a farm buying and operating firm, has announced plans to raise $48 million through an initial public offering on the Nasdaq exchange; the company filed with the Securities Exchange Commission on 21 May 2014.
The family-owned company is going to sell seven million shares for $6 – $7 each. It will use most of the proceeds for the $30 million acquisition of Snake River Vineyards from other companies within the Taggares’ agricultural empire: P.J. Taggares Co and Taggares Farms.
Peter Taggares, the firm’s president, will maintain a 26 percent stake in Taggares Agriculture. The remainder will be listed.
The rest of the deal’s proceeds will be used to acquire diversified permanent crop farmland in the Pacific Northwest of the US, according to the SEC filing.
Taggares Agriculture, established in 1979, is wholly owned by the Taggares family. They are owners of an extensive agriculture empire, established over a century ago.
The firm posted sales of $8 million for the 12 months ending 28 February 2014, reported Renaissance Capital, an investment bank based in Russia. Janney Montgomery Scott and Roth Capital are jointly running the IPO.
Taggares Agriculture was unreachable for comment.