ML Macadamia Orchards LP plans to rely on existing investors in the company to finance an ambitious plan unveiled last week to diversify Hawaii’s largest mac nut grower by creating and selling a new brand of packaged nut products.

Hilo-based ML Macadamia has registered to sell additional stakes in the company to existing owners, an offering that could generate $20 million to finance the expansion.

The envisioned sale, if successful, would double the market value of the company.

ML Macadamia proposes to allow existing investors in the limited partnership to buy one partnership unit for each unit they already own. There are 3,153 partners who collectively own about 7.5 million units, which compare with stock shares, and trade on a junior public securities exchange, the OTCQX.

A date for the sale or a price for the units hasn’t been set. ML Macadamia estimated a $2.70 unit sale price, which was close to Wednesday’s closing price of $2.75, though an actual price will be stated in a finalized registration statement filed with the Securities and Exchange Commission.

It’s not certain that ML Macadamia will be able to raise $20 million from current company investors, though the firm is also considering financing some of its expansion with debt.

Under the plan, ML Macadamia would cease selling nuts wholesale to its sole customer, Hershey Co.’s Mauna Loa Macadamia Nut Corp., over the next three years and instead use the nuts in its own line of savory packaged products branded under the Royal Hawaiian Orchards name.

As part of the plan, ML Macadamia intends to change its name to Royal Hawaiian Orchards LP.

ML Macadamia said it might still sell some nuts in bulk to other buyers. But the focus of the plan is to process, package and sell its own nuts to consumers to capitalize on retail sale proceeds.

No definitive plan to execute the strategy has been adopted, but the company discussed options and outlined some near-term spending in the Wednesday filing.

Such spending is anticipated to include $600,000 to $900,000 or more for restoring and improving the company’s existing orchards to increase crop yields.

The company also estimates it will need to invest $5 million to $7 million over an unspecified number of years to develop its new brand, products, packaging, marketing, a broker network and store placement.

Other potential spending being considered includes $10 million to $12 million to build a processing plant, and $1.5 million to $2 million to construct drying and storage facilities and to improve a husking facility. ML Macadamia is also interested in acquiring additional mature macadamia orchards.