Village Farms privatizes fresh produce business
Village Farms privatizes fresh produce business
Vanguard Food LP, a privately held produce industry joint venture between Kennedy Lewis Investment Management, Sweat Equities and Village Farms International, closed a transaction that created a new, emerging leader in the North American produce industry.
The transaction privatized certain assets and operations of Village Farms International’s fresh produce segment, leveraging decades of leadership in the cultivation, sales, marketing and distribution of produce with the intention of creating a premier branded CPG foods company supporting healthy lifestyles and sustainable farming practices.
The parties expect to support Vanguard with additional capital resources to execute a roll-up strategy of other North American produce brands and assets, and plan to expand product categories and offerings for customers through M&A.
“We are thrilled to announce the closing of this transaction and believe we’re positioned well to capitalize on shifting consumer behavior that demands healthier alternatives to processed foods," said Charlie Sweat, chairman of Vanguard and founder of Sweat Equities. "We now have an established, proven operating team and expect to attract additional human capital as we expand our platform and execute our strategy.”
“We are pleased to announce our participation with the closing of this transaction and see tremendous opportunity for Vanguard to deliver value for stakeholders as it expands its platform through new product development and IP innovation," said Doug Logigian, co-managing partner and president of Kennedy Lewis Investment Management. "We look forward to partnering with Charlie and Village Farms and to supporting Vanguard as it executes its go-forward growth strategies.”
Michael A. DeGiglio, CEO of Village Farms and interim CEO of Vanguard Food LP, said, “Today’s announcement reflects the beginning of a new era for the legacy produce business of Village Farms, and we’re excited to begin building our shared vision for the future. This partnership makes us stronger, provides more resources to drive innovation and value for customers, and will serve as a catalyst for future growth and expansion.”
