Gardenburger, Portland, Ore., said it signed a commitment to raise $35.5 million in a convertible stock financing to fund a national mainstream advertising effort breaking April 12. Earmarked for a national TV campaign is $15 million. The new advertising initiative follows Gardenburger's decision last year to spend aggressively on a major advertising effort--including a $2 million spot on the "Seinfeld" finale--that was funded by $15 million in subordinated debt. The company claims the 1998 campaign drew 5.5 million new consumers to the alternative meat category and hiked its sales from $18 million to $55 million. Rubin Postaer & Associates, Chicago, handles.
Copyright March 1999, Crain Communications Inc.