ARIZONA NEWS

Gilbert sustainable packaging company Footprint reaches deal to go public

Dec 14, 2021, 12:23 PM | Updated: 12:28 pm

Footprint Center...

(Footprint Photo)

(Footprint Photo)

PHOENIX – Footprint, the Gilbert company with naming rights to the Phoenix Suns’ arena, announced Tuesday that it’s agreed to become a publicly traded company through a merger.

The materials science business, which specializes in sustainable food packaging made from plant-based fibers, expects to be listed on NASDAQ as FOOT when the deal is finalized.

“Our mission is to create a healthier planet and step one is to design, develop and manufacture plant-based fiber solutions as an alternative to single-use plastics,” Troy Swope, Footprint co-founder and CEO, said in a press release.

“Today marks an exciting inflection point in our seven-year history inventing new materials that challenge the status quo.”

The company, which entered a multiyear naming rights deal with the Suns for Footprint Center in downtown Phoenix in July, will merge with Gores Holdings VIII.

The resulting company is projected to have a total enterprise value of $1.6 billion, according to the release. The deal, which is subject to the approval of Gores Holdings VIII’s stockholders, is expected to close in the first half next year.

Gores Holdings VIII is a special purpose acquisition company, aka a blank check company, formed by an affiliate of The Gores Group and taken public in March.

Footprint was founded in 2014 by Swope and Yoke Chung, former Intel engineers. It has more than $500 million of annual revenue contracted with customers such as Kraft, McDonald’s, Procter & Gamble and Walmart, according to the release.

The company has its headquarters near Germann and Gilbert roads and employs more than 2,500 people in the U.S., Mexico, Europe and Asia.

“Footprint offers game-changing materials science solutions that are the gold standard in the industry as the world transitions to plastic alternatives,” Mark Stone, The Gores Group senior managing director and Gores Holdings VIII CEO, said in the release.

“Partnering with a market leader making a meaningful impact on the health of our planet aligns perfectly with the sustainability component of our investment strategy, and we are thrilled to support the Footprint team as it executes its proven strategy to drive continued growth and innovation.”

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

File photo of a Valley Metro bus. A pedestrian was killed when he was hit by a city bus in downtown...

KTAR.com

Pedestrian struck, killed by city bus he was trying to stop in downtown Phoenix

A pedestrian was killed when he was hit by a city bus in downtown Phoenix on Monday night, authorities said.

15 minutes ago

Insomnia in the summer may be due to Arizona heat, doctor says...

Serena O'Sullivan

Struggling with insomnia? Arizona summer heat may be to blame, sleep expert says

Arizonans who are dealing with insomnia in the summer months can blame the heat, according to a sleep expert with Banner Health.

4 hours ago

The Maricopa County Recorder’s Office website is now offering a virtual tour of the Maricopa Coun...

KTAR.com

Maricopa County Recorder’s Office website offers self-guided virtual tour of elections center

The Maricopa County Recorder's Office website is now offering a virtual tour of the downtown Phoenix elections center.

4 hours ago

Desert tortoises: Do not disturb, AZGFD warns the public...

KTAR.com

Wildlife officials warn against disturbing wild desert tortoises

The Arizona Game and Fish Department (AZGFD) urges the public to keep desert tortoises wild.

4 hours ago

Banner Imaging and HeartFlow are collaborating to offer a new program to help new patients detect c...

KTAR.com

Banner selected to test Medicare dementia care model

The model will work to increase care coordination and improve access to services and supports, which includes respite care, people living with dementia and their caregivers.

4 hours ago

hit-and-run...

KTAR.com

Police investigating fatal overnight hit-and-run in central Phoenix

Phoenix PD responded to the area of 19th Avenue and Van Buren Street regarding a collision that involved a pedestrian.

11 hours ago

Sponsored Articles

...

Midwestern University

Midwestern University Clinic visits boost student training & community health

Going to a Midwestern University Clinic can help make you feel good in more ways than one.

...

Sanderson Ford

3 new rides for 3 new road trips in Arizona

It's time for the Sanderson Ford Memorial Day sale with the Mighty Fine 69 Anniversary, as Sanderson Ford turned 69 years old in May.

...

COLLINS COMFORT MASTERS

Here are 5 things Arizona residents need to know about their HVAC system

It's warming back up in the Valley, which means it's time to think about your air conditioning system's preparedness for summer.

Gilbert sustainable packaging company Footprint reaches deal to go public