Trellis Earth steps closer to IPO
By Lee van der Voo
Trellis aims to raise $8 million on the public market, with shares trading as soon as next month.
Trellis Earth Products Inc. is on the verge of breaking Oregon’s IPO drought aiming to start selling shares as early as next month.
The Wilsonville-based company on Wednesday said it will start selling shares to the public on Feb. 20, barring any regulatory holdups from the U.S. Securities and Exchange Commission.
Trellis develops and manufactures compostable garbage bags, cutlery, trash liners, shopping bags and disposable deliware.
It wants to raise $8 million in its IPO, which it initially filed for last September.
Shares have been priced at $2 and Tripoint Global Equities LLC, which specializes in raising capital in the $10 million to $100 million range, is the placement agent.
The money would be used to equip its Oregon facility, initiate manufacturing there, promote its brand and retire debts.
The offering does not disclose how many shares of the company will be sold, only that CEO William Collins will retain a majority stake in the company.
The company is banking on green-leaning consumer trends as well as an uptick in pricing for petroleum and crude oil in a long-shot bid to become one of the largest U.S. suppliers of bioplastics.
It wants to compete with plastic trash bags and other products by selling green alternatives at the same or lower prices. The company plans to build a second manufacturing facility in Illinois in 2013.
“We expect our 'Made In Oregon' branding will help us compete nationally as we pioneer new innovations including 100 percent petroleum-free plastic resins that re-purpose Oregon agricultural by-products into sustainable alternatives to conventional plastics,” CEO Bill Collins said in an email.
Lee van der Voo, lvdvoo*at*gmail.com, is a freelance writer for Sustainable Business Oregon.
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