An affiliate of Milwaukee-based Sellars Absorbent Materials Inc. has raised more than three-quarters of the $12.1 million in debt, options and securities the company is looking to raise, according to a securities filing.
Sellars is a manufacturer of shop towels, wet wipes, disposable wipers and sorbents made with recycled fibers.
Sellars Mezz Debt Investors LLC has raised nearly $9.2 million from 35 investors, according to the filling.
According to a filing made in August 2018, the same entity planned to raise $2.2 million. At the time, the company had raised $800,000 from two investors.
The new filing is an amended filing and both documents list the same first sale date.
Tom Sellars, chairman and CEO of Sellars Absorbent Materials, was not available for comment Wednesday and a message left for the company’s chief financial officer was not immediately returned. Peter Geisert, the chief manager listed on the filing, declined to comment.
Sellars told BizTimes last year that the funding round was intended for general corporate purposes for growth. He declined to discuss specifics but said it was not related to its then pending expansion to the former Midtown Center Lowe’s in Milwaukee.
