Vertical-farming business AeroFarms has been acquired by a unit of the family-run investment firm Palm Ventures.
Financial terms of the deal for Virginia-based AeroFarms were not disclosed
The company, which grows leafy greens in a controlled indoor environment, said yesterday (11 June) the move “significantly reduces AeroFarms’ debt, prioritises sustainable growth and long-term profitability”. AeroFarms also has a new management team led by former Kraft Heinz executive Gustavo Burger as the CEO. Bradley Palmer, the chairman and founder of Palm Ventures, said in a statement: “Consumers are choosing foods that naturally pack higher nutritional value into every bite.
Gustavo Burger brings decades of world-class experience, and our job is to support his team as they deliver on that promise.” The business filed for Chapter 11 bankruptcy in 2023 after facing “significant industry and capital market headwinds”. However, it emerged from bankruptcy later that year under Molly Montgomery, a partner at investor Grosvenor Food & AgTech who became executive chair and CEO. The investor partnered with Doha Venture Capital in the asset-purchase agreement that resolved the proceedings.