Kalera Announces Merger With Agrico Acquisition Corp.; Curtis McWilliams and Brent De Jong Discuss Expansion

Mon. February 7th, 2022 - by Anne Allen

ORLAND, FL & HOUSTON, TX - Proving that there is truly strength in numbers, Kalera entered a definitive merger agreement recently. The vertical grower is joining forces with special purpose acquisition company Agrico Acquisition Corp. and will transition to a publicly listed company with its common shares traded on the NASDAQ stock market.

Curtis McWilliams, Interim Chief Executive Officer, Kalera“Kalera and Agrico together form a team with the expertise to bring Kalera’s fresh, clean, and sustainable Local Living Lettuce to consumers across the globe,” Curtis McWilliams, Interim Chief Executive Officer of Kalera, said. “A tremendous need exists for healthy, sustainable, and surprisingly affordable food. At Kalera, we believe we have a business model that can bring nourishment across the globe while reducing environmental impact.”

Kalera’s current management team, including McWilliams, will continue to oversee the business, including the plan to further expand Kalera’s global network of vertical farms. Four operational facilities with an additional six under construction position the company and its team to achieve this vision.

Kalera has announced a merger with Agrico Acquisition Corp. to bring its sustainable Local Living Lettuce to consumers across the globe

According to a press release, the share exchange ratio implies a pro forma equity valuation of the combined company of $375 million on a fully diluted basis, assuming no redemptions by shareholders of Agrico. The transaction, which has been approved by the Boards of Directors of both Kalera and Agrico, is expected to close in the second quarter of 2022 and remains subject to approval by both companies’ shareholders, as well as other customary closing conditions.

Additional information about the proposed transaction, including a copy of the business combination agreement, will be provided in a Current Report on Form 8-K to be filed by Agrico with the Securities and Exchange Commission.

Brent De Jong, Chairman and Chief Executive Officer, Agrico Acquisition Corp.“Kalera is already positioned as a leader in the vertical farming industry with its 10 facilities operating or construction nearly complete and Vindara, its seed business dedicated to controlled environments,” Brent De Jong, Chairman and Chief Executive Officer of Agrico, said. “The proposed merger with Agrico positions Kalera to be the first leafy green vertical farm company to have a national footprint in the U.S. and be able to reliably supply a national off-take contract while still being local. The Agrico team and its scaling experience will supplement an already strong Kalera management team and Board of Directors.”

More fresh produce news is just around the corner, so don’t go anywhere.

Kalera Agrico Acquisition Corp.