AeroFarms gets new owner with former Kraft Heinz exec as CEO

Vertical-farming concern AeroFarms has been acquired by a portion of the family-run concern steadfast Palm Ventures.

Financial presumption of the woody for Virginia-based AeroFarms were not disclosed.

The company, which grows leafy greens successful a controlled indoor environment, said yesterday (11 June) the determination “significantly reduces AeroFarms' debt, prioritises sustainable maturation and semipermanent profitability”.

AeroFarms besides has a caller absorption squad led by erstwhile Kraft Heinz enforcement Gustavo Burger arsenic the CEO.

Bradley Palmer, the president and laminitis of Palm Ventures, said successful a statement: "Consumers are choosing foods that people battalion higher nutritional worth into each bite. Gustavo Burger brings decades of world-class experience, and our occupation is to enactment his squad arsenic they present connected that promise.”

The concern filed for Chapter 11 bankruptcy successful 2023 aft facing “significant manufacture and superior marketplace headwinds”.

However, it emerged from bankruptcy aboriginal that twelvemonth nether Molly Montgomery, a spouse astatine capitalist Grosvenor Food & AgTech who became enforcement seat and CEO.

The capitalist partnered with Doha Venture Capital successful the asset-purchase statement that resolved the proceedings.

AeroFarms has since faced difficulties. In December, the institution filed a WARN announcement indicating it would adjacent its Ringgold indoor workplace successful Danville and terminate 173 jobs.

The announcement cited failed efforts to rise caller financing and said its largest capitalist had unexpectedly “decided to retreat immoderate further fiscal investment”.

Nevertheless, AeroFarms confirmed successful December it was “continuing to operate” aft securing backing from an undisclosed investor.

Just Food has asked AeroFarms if the undisclosed capitalist was Palm Ventures, and for details connected its existent accumulation assets, indebtedness levels and profits.

AeroFarms products are presently stocked successful astir 2,000 retail outlets nationwide.

Burger said: "AeroFarms is built connected the astir precocious aeroponic level successful the nutrient industry, a category-defining product, and retail partnerships with the champion names successful the business.

"My absorption is to physique connected that instauration with the operational rigour it deserves, and make a concern that performs arsenic good arsenic its products."

"AeroFarms gets caller proprietor with erstwhile Kraft Heinz exec arsenic CEO" was primitively created and published by Just Food, a GlobalData owned brand.

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