Specialty coffee company NuZee Inc. has filed with the Securities and Exchange Commission for a proposed $12 million initial public offering, and has also raised $2 million in private equity financing.
Plano-headquartered NuZee, which packages and sells single-serve coffee products, plans to use the money from the proposed public offering to support the expansion of its co-packing activities, invest in the development of its new co-packing hub in Plano, work capital needs, and for other general corporate purposes, according to a statement.
NuZee sold 111,738 shares of common stock at the price of $17.85 per share in its private equity offering, according to a statement. NuZee, which was founded in 2011, booked $2 million in sales in the first half of 2019.
The company, which sells the Coffee Blenders brand, noted that all of its investors in the private equity raise were non-U.S. persons or accredited investors. All of the investors purchased their shares outside of the U.S., according to a statement.
In August, the company announced it was leasing a 16,603-square-foot facility in Plano that would serve as its headquarters and as a co-packing hub. In the filing for the Plano location, it noted that the site “provides us with a variety of benefits versus our Vista, California facility, including reduced operating costs, lower freight costs to most states and better economies of scale.”
NuZee also maintains its current facility in Vista, California.
NuZee isn’t the first coffee company to move from California to North Texas. In 2017, Farmer Brothers Coffee moved its headquarters from Torrance, California, to a 535,000-square-foot facility directly across from Texas Motor Speedway. It’s a location executives said fit their needs to build the company that was founded in 1912.
And, NuZee joins other California transplants to North Texas such as Toyota Motor North America in Plano, McKesson in Irving, Core-Mark in Westlake, Chip 1 Exchange to Fort Worth, and Kubota Tractor to Grapevine.
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