The famous Taggares family holds interested investors in limbo no longer, today announcing their IPO terms.
Today, Taggares Agriculture, a Kennewick, WA-based farming company operating vineyards and apple orchards in the Pacific Northwest, announced terms for its planned $46 million initial public offering (IPO). The company plans to use the symbol ‘TAG’, and will offer 7 million shares between $6 and $7. At the midpoint between $6 and $7, the company would command a fully diluted market value of $54 million, according to Renaissance Capital.
Established in 1979 and booking $8 million in sales in one year, the company is wholly owned by the famous ag empire, the Taggaress family. Taggares announced the IPO confidentially in February of this year, and aims to acquire and re-work both apple orchards and vineyards in the Pacific Northwest.
In the SEC filing announcing the IPO, the company had this to say:
“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. 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.”