Growcer Wins Bid, Acquires Freight Farms’ Assets
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Vertical farming company Growcer announced that it acquired all assets from Freight Farms, a container farming company that filed for bankruptcy earlier this year, on July 9. According to a LinkedIn post from Corey Ellis, CEO and co-founder of Growcer, the acquisition includes an inventory of complete container farms, spare parts, software, intellectual property, and subscriptions.
“This is a strategic move for Growcer and a huge milestone for our business,” the post states. “This acquisition combines our expertise in launching and sustaining hyper-local food projects, together with Freight Farms’ global reach in more than 500 locations – including top institutions and community organizations around the world.”
In the post, Ellis explains how he’s met with Freight Farms customers over the last few weeks and wants to help them fulfill their commitment to growing healthy, local food for their communities.
“The original mission that Freight Farms set out to achieve will continue, with equal parts of renewed enthusiasm and discipline,” Ellis wrote. “We are proud that we have the opportunity to steward this important mission into the next chapter, and we are committed to ensuring we will build for long-term stability and sustainability.”
Ellis noted that the transaction should officially close at the end of July.