42 Below founders plan another IPO

Tuesday 16th February 2010

The men behind the successful 42 Below vodka brand are looking to raise money for their latest venture.

Instead of booze, Geoff Ross, Stephen Sinclair and Grant Baker, now run a body, bath and home fragrance provider called Ecoya.

They are considering an IPO in March or April this year looking to raise around $10 million to support Ecoya's plans for growth in Asia, Europe and the United States.

The proposed offer would be conditional on NZX accepting Ecoya's shares for listing. It is intended there will be a provision for oversubscriptions.

Ecoya executive chairman Geoff Ross says the company intends to use the proceeds to fund entry into the US market and sales growth in Australasia 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 says.

Ecoya has engaged independent investment bank Cameron Partners to advise on the process.

The proposed offer is intended to be made to clients of NZX firms, the public, former 42 BELOW shareholders and associates of Ecoya executive directors Geoff Ross, Grant Baker, Stephen Sinclair and Craig Schweighoffer. It would be partially underwritten by the Business Bakery LP.

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