Taggares Agriculture Corp., a Kennewick, WA-based company with a mission to buy Pacific Northwest farmland, has filed with the US Securities and Exchange Commission (SEC) to raise maximum gross proceeds of $48.30 million in an initial public offering (IPO).
Hopeful for ‘TAG’ as its NASDAQ Capital Market symbol, the company aims to acquire and redevelop farmland in Washington state. The company’s first move, as reported by the Seattle Times, is to be a payment of $30 million for a 3,200-acre apple and Concord grape property.
Wholly owned by the Taggares family, the company was founded in 1979 and booked $8 million in sales in one year.
“The Taggares family has been farming in the Pacific Northwest since the 1920s and has a well-established name with a deep history among farmers and members of the agriculture community,” said the SEC filing. “Our acquisition strategy is to capitalize on the Taggares name, reputation and long-standing relationships in the farming community and to leverage our experience and access to capital to identify attractive acquisition and leasing opportunities, including, but not limited to, those opportunities that can be identified before such opportunities are listed by a selling agent and known by our competitors.”
According to the filing, 7 million shares will be offered through an initial public offering, and underwriters have the option to purchase additional 1,050,000 shares of common stock at the IPO price, less the underwriting discount, for up to 45 days from the date of the filing. Pricing terms have not yet been disclosed.
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FEATURED PHOTO: Steve Snodgrass/Flickr