Local Bounti Corporation (NYSE:LOCL) acquires Pete’s.
We are excited to have combined with Local Bounti as we scale our business with a partner that shares in our philosophy.”— Brian Cook, CEO of Pete’s
Local Bounti Corporation (Local Bounti or the Company) acquired California-based complementary indoor farming company Hollandia Produce Group, Inc., which operates under the name Pete’s. Atlantic Management Company, Inc.(Atlantic) served as independent financial advisor to the board of directors for the transaction.
Founded in August 2018 and headquartered in Hamilton, Montana, Local Bounti is a controlled environment agriculture company that utilizes patent pending Stack & Flow Technology, which is a hybrid of vertical farming and hydroponic greenhouse farming, to grow healthy food sustainably and affordably. The Company produces sustainably grown living lettuce, herbs and loose leaf lettuce, delivering the freshest, locally grown produce over the fewest food miles possible. The acquisition by Local Bounti will bolster the Company’s position in controlled environment agriculture by giving it more greenhouses and access to Pete’s broader distribution network.
CEO of Pete’s, Brian Cook, stated, “We are excited to have combined with Local Bounti as we scale our business with a partner that shares in our philosophy of offering high quality products while keeping innovation and sustainability at the forefront.”
Brady Finney of Atlantic noted, “We are proud to have advised Pete’s board of directors on the recent sale to Local Bounti, Inc. (NYSE:LOCL). For decades, Pete’s has been offering high quality products while focusing on innovation and sustainability within the indoor farming space. The business combination will allow the operations to be scaled significantly.”
Founded in 1968, Atlantic is a leading financial and transaction advisory firm that provides business valuation, ESOP and merger and acquisition services for privately owned middle market companies.