Atlanta-based media conglomerate Cox Enterprises has acquired indoor agriculture company BrightFarms for an undisclosed sum.
According to Cox, the acquisition will provide BrightFarms with a strong foundation for accelerating growth with partner retailers and will be key to helping Cox build a “multibillion-dollar cleantech business” by 2030.
BrightFarms intends to bring local leafy greens to more than two-thirds of the US population by 2025. As part of its expansion plans, it aims to build a national network of high-tech that will “accelerate the salad industry’s transition to indoor farming”, said Cox.
Cox’s vice president of cleantech, Steve Bradley, said: “BrightFarms is a perfect example of our Cox Cleantech strategy – positively impacting the world through profitable, mission-driven businesses”.
“Over the years, our enthusiasm for BrightFarms and the opportunity to transform the industry has increased tremendously, which led us to want to play a larger role in what they’re doing.”
BrightFarms’ CEO, Steve Platt, added: “BrightFarms has built the most advanced network of local indoor farms in the nation. Being part of the Cox team will allow us to scale more rapidly, transforming the salad industry for American consumers.”
Last year, Cox held a majority stake in BrightFarms when it led a $100 million Series E funding round to support the business growth, though Cox has been a BrightFarms investor since 2018.
BrightFarms operates five farms in Virginia, Ohio, Pennsylvania, North Carolina and Illinois, and recently acquired indoor grower lēf Farms in Loudon, New Hampshire, United States.
© FoodBev Media Ltd 2021
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