Local Bounti acquires indoor farming company Pete’s for $122m

Local Bounti has acquired indoor farming company Pete’s for $122.5 million, in a move to advance its growing technologies. 

Based in California, Pete’s is the operating name for Hollandia Produce Group and has three greenhouse growing facilities, including two operating facilities in California and one under construction in Georgia. The company produces leafy greens such as living butter lettuce, packaged salads and cress.

Local Bounti, a US-based agriculture company, plans to install its patent-pending ‘Stack & Flow’ technology across Pete’s facilities. 

The ‘Stack and Flow’ technology leverages the best of vertical and green growing capabilities and reduces the environmental impact of facilities. 

Craig Hurlbert, co-CEO of Local Bounti, said: “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.”

The acquisition will also expand Local Bounti’s global reach and distributive footprint.