American spinach farmer bought beets

Local Bounty Corporation has entered into a firm agreement to purchase the California-based farm Hollandia Productions Group, which operates under the name Beats. The total acquisition price of the greenhouse grower is € 110.8 million subject to regular revisions. The transaction will be worth UR 83.7 million, which is expected to be provided under Cargill’s local pound’s current credit facility. The remaining 27 million will be paid into shares of the common stock of the local pound.

Beats is a California-based farmer who owns three greenhouse facilities, two operating facilities in California and one under construction in Georgia. It is expected to launch in the second quarter of 2022. Pete’s sells at approximately 10,000 retail outlets in 35 U.S. states and Canadian provinces. The main products of the beet are butterhead lettuce, packaged lettuce and cress.

Local Bounty plans to use its Stack & Flow technology in three locations in Pete, combining the best vertical farming and greenhouse technologies to deliver high yields of various leafy greens at the lowest unit cost.

“This joint venture is a unique opportunity to connect the highly complementary and profitable CEA market leader like Pete’s with the technological solutions of the local Bounty, which significantly accelerates the market entry for our beautiful product types while creating one of the largest CEA companies in the industry.” Craig Harlbert, Local Pound The CEO said.

“Our best-in-class unit economics at the local pound is driven by our efficient and cost-effective organization. By acquiring Beats and their proven model, we can quickly reduce the risk of our operational failure. We provide. “

“For 50 years we have been interested in providing high quality products and excellent services, while at the same time focusing on innovation and sustainability in the indoor farming industry. In partnership with the local pound, we are expanding our business and partnering with a leader who shares our philosophy,” said Brian Cook, CEO of Beats. .

For more information:
The living green of the beet
www.eatpetes.com

Local pound
www.localbounti.com