Milwaukee-based manufacturer Sellars Absorbent Materials, Inc. has raised about $20.5 million in equity, according to a filing with the U.S. Securities and Exchange Commission.
Sellars is a manufacturer of shop towels, wet wipes, disposable wipers and sorbents made with recycled fibers.
The company’s latest funding round was raised by 88 investors. Sellars Absorbent Materials has raised approximately $2 million since 2009, according to the SEC.
Tom Sellars, chairman and CEO of Sellars Absorbent Materials was not available for comment Monday and messages left with the company were not immediately returned.
In 2019, Sellars Mezz Debt Investors LLC, an affiliate of Sellars, raised more than three-quarters of the $12.1 million in debt, options and securities the company was looking to raise. That filing has since been amended to include a total offering amount of $15 million with about $12.3 million raised, according to the SEC.
Sellars told BizTimes in 2018 that its affiliate’s funding round was intended for general corporate purposes for growth, but declined to discuss specifics, adding that it was not related to its then pending expansion to the former Midtown Center Lowe’s in Milwaukee.