42 Below founders to offer investors a sniff of passion
They turned their vodka into a global success story – now the founders of 42 Below are looking to add some fragrance to the local sharemarket.Geoff Ross, Stephen Sinclair and Grant Baker are considering a $10 million IPO to fund international expans
Tue, 16 Feb 2010
They turned their vodka into a global success story – now the founders of 42 Below are looking to add some fragrance to the local sharemarket.
Geoff Ross, Stephen Sinclair and Grant Baker are considering a $10 million IPO to fund international expansion of Ecoya, a body, bath and home fragrance provider.
The proposed offer, expected in March or April, would be conditional on NZX accepting Ecoya’s shares for listing and would be partially underwritten by The Business Bakery LP.
The company has engaged investment bank Cameron Partners to advise the process.
Mr Ross, Ecoya’s executive chairman, said the company intends to use the proceeds to fund entry into the US market and sales growth in Australia and China.
"We also have plans to develop additional products using natural bases and the finest fragrance and essential oils, and some funding would be applied to general corporate purposes," Mr Ross said.
Aside from the three 42 Below founders, Ecoya’s directors include current chief executive Craig Scheighoffer and Rich Frank, a veteran of the American entertainment industry, who is also a shareholder in the business.
Ecoya was founded in Australia and produces home fragrance and body care products using only natural bases and the finest fragrance and essential oils.
The company’s products are sold in quality department stores and smaller specialty shops in Australia and New Zealand. The company recently announced a joint venture with a Chinese company to open the first-ever Ecoya-dedicated store in the wealthy Gubei district of Shanghai.
The proposed offer is intended to be made to clients of NZX firms, the public and associates of Ecoya's executive directors.
Tue, 16 Feb 2010
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