HAMILTON, MT - News of a greenhouse acquisition hit the wires this morning, with Pete's being acquired by Local Bounti®, a United States indoor agricultural company. The total sum of the acquisition was $122.5 million.
"For 50 years, we have been obsessed with offering high-quality products and great service while focusing on innovation and sustainability within the indoor farming space. By combining with Local Bounti, we scale our business and partner with a leader that shares in our philosophy," commented Brian Cook, Chief Executive Officer of Pete's, on the deal.
According to a press release, Local Bounti plans to install its patent pending Stack & Flow Technology at Pete's three facilities, combining aspects of vertical farming and greenhouse growing technologies to deliver higher yields of diverse leafy greens at superior unit economics.
Local Bounti also noted the strategic advantage of having access to Pete's existing retail customer base, which stands at more than 10,000 retail locations nationwide.
"This synergistic acquisition is a unique opportunity to combine a highly-complementary and profitable CEA market leader in Pete's with Local Bounti's technological solutions to significantly accelerate market access for our superior produce varieties and create one of the largest CEA companies in the United States," said Craig Hurlbert, Co-CEO of Local Bounti.
To learn more about the strategic and financial highlights of the acquisition, click here.
AndNowUKnow will continue to scour the newswires for industry highlights, so stay tuned.
