Key Takeaways
- Successful Chapter 11 Exit: AeroFarms, Inc., an indoor vertical farming and Certified B Corporation, has emerged from Chapter 11 bankruptcy following the court’s approval of its restructuring plan involving major investors such as Grosvenor Food & AgTech and Doha Venture Capital.
- Financial Strengthening: The company’s restructuring has greatly improved its balance sheet, concentrating efforts on its flagship operation in Danville, Virginia. This move has accelerated AeroFarms towards profitability, with the Danville Farm showing consistent revenue growth since its opening in September 2022.
- Expanding Market Presence: AeroFarms’ microgreen products have seen robust consumer demand, now available in over 2,000 retail locations across the U.S., including Whole Foods Market and various regional chains, highlighting the company’s growing footprint in the packaged salad greens market.
- Leadership and Operational Excellence: Molly Montgomery has been appointed as the Acting CEO and Executive Chairperson, bringing extensive experience in scaling profitable businesses within the fresh food sector to drive AeroFarms through its next growth phase.
- Addressing Global Food Challenges: With a focus on sustainability and resilience against climate change, AeroFarms aims to ramp up its Danville operation fully by the end of 2023, positioning itself as a solution to global food supply chain challenges and continuing to grow as the fastest-growing packaged salad greens brand in the U.S.
AeroFarms Successfully Exits Chapter 11 (2023/09/18)
AeroFarms, Inc., a Certified B Corporation and a leader in indoor vertical farming announced today that it has successfully completed its restructuring process and emerged from Chapter 11 bankruptcy. The approval for its Asset Purchase Agreement (APA) came from the bankruptcy court and involves a group of existing investors led by Grosvenor Food & AgTech (GFA), including an expanded relationship with Doha Venture Capital.
Strengthening Financials
The restructuring process has substantially fortified AeroFarms’ balance sheet, enabling the company to focus on its flagship operation in Danville, Virginia. The company has eliminated spending on all projects that do not contribute to the Danville Farm’s growth, accelerating its path to profitability. Since the Danville Farm began operations in September 2022, its revenues have consistently increased to meet growing consumer demand. The company aims to complete the ramp-up of its Danville operation by the end of 2023.
Consumer Demand and Market Presence
Consumer demand for AeroFarms’ microgreen products is robust. The Danville Farm grows and distributes high-quality microgreens with robust flavor and higher nutrient density than traditional greens. These products are now available in over 2,000 retail locations across the United States, including Whole Foods Market stores nationwide and in regional locations of Ahold Delhaize, Harris Teeter, and H-E-B, among others.
Leadership Changes
To guide AeroFarms through its next growth phase, Molly Montgomery, a food and agricultural industry veteran, has been appointed as the Acting CEO and Executive Chairperson of the AeroFarms Board of Directors. Montgomery brings invaluable operational experience from successfully scaling profitable businesses within the fresh food sector.
Addressing Global Challenges
“As we face the mounting challenges of climate change and food insecurity, we need to rethink our global food supply chain,” said Molly Montgomery. AeroFarms leverages proprietary technology to deliver fresh products less vulnerable to climate-related threats. The company aims to complete the ramp-up of its Danville facility and deliver a profitable operation that will enable future growth.
Fastest Growing Brand
According to Nielsen syndicated data, AeroFarms is the fastest-growing packaged salad greens brand by revenue in the United States. The company’s microgreens are grown indoors in its state-of-the-art Danville Farm facility, which is certified for USDA Good Agricultural Practices, SQF Level 2 Good Manufacturing Practices, Non-GMO Project Verification, OU Kosher, and the industry-leading CEA Food Safety Seal.
For more information about AeroFarms and its Chapter 11 proceedings, visit Omni Agent Solutions or the official Bankruptcy Court website.
AeroFarms: Expanding The Availability Of Microgreens With S. Kartzman and H Mart (2023/08/03)
AeroFarms announced an exciting collaboration to bring its market-leading microgreens to a broader audience. The company has partnered with S. Katzman Produce, a reputable wholesaler/distributor of produce with over a century of experience, and H Mart, the leading Asian supermarket chain in the United States. This strategic partnership aims to offer customers an unparalleled culinary experience marked by unique flavors and exceptional nutrient density.
AeroFarms microgreens have gained immense popularity and are well-known for their unparalleled flavor profiles. The company’s commitment to innovation and excellence has made them a preferred choice among consumers seeking high-quality, nutrient-rich produce. By teaming up with well-established and innovative partners like S. Katzman Produce and H Mart, AeroFarms is set to further expand its market reach and cater to the increasing demand for its microgreens.
Guy Blanchard, the President & CFO of AeroFarms, expressed his enthusiasm about the collaboration, stating, “AeroFarms is recognized everywhere for its unique varieties and prized flavor, and we are excited to partner with fellow leading companies known for their innovation and produce expertise like S. Katzman Produce and H Mart. As we expand our commercial production to meet customer demand profitably, we are investing in key team members like our new Plant Manager in Danville, Virginia, Josh Ballard, to service more of our customers across the country.”
Stefanie Katzman, Executive Vice President at S. Katzman Produce, commented on the partnership, “We are always looking for new products that will help our customers grow. We see a lot of potential in the microgreens category and are impressed by the ingenuity that AeroFarms has demonstrated through its growing process, marketing approach, and flavorful, high-quality product. Launching with AeroFarms will get consumers even more excited about microgreens and help our retail customers grow their produce departments.”
The availability of AeroFarms microgreens spans approximately 2,000 locations in the United States, including major retailers such as Whole Foods Market, Amazon Fresh, and The Fresh Market. The company is continuously expanding its regional presence through partners like Ahold Delhaize, Harris Teeter, H-E-B, and Walmart.
To support this rapid growth and meet increasing demand, AeroFarms has recruited Josh Ballard as the new Plant Manager for its state-of-the-art commercial indoor vertical farm in Danville, Virginia. Ballard brings over 30 years of operating experience, a successful track record in leadership and management within the food and equipment manufacturing space, and direct farming experience with notable brands such as AppHarvest, Impossible Foods, and Miyoko’s Creamery.
AeroFarms Pursues Asset Sale in Chapter 11 Proceedings (2023/07/13)
AeroFarms, Inc. is navigating its Chapter 11 bankruptcy while maintaining operations at its commercial indoor vertical farm in Danville, Virginia. On July 11, 2023, the company filed a supplement with the U.S. Bankruptcy Court in Delaware, seeking approval for an Asset Purchase Agreement (APA) with AF NewCo, Inc., a corporation formed by existing investors. This move is aimed at selling company assets under the Bankruptcy Code. AF NewCo has proposed a $10 million Debtor-In-Possession (DIP) loan and will act as the Stalking Horse Bidder. The court has allowed AeroFarms to continue its regular payments using the DIP loan. Meanwhile, AeroFarms has broadened its retail presence, offering its acclaimed microgreens at major retailers, including Walmart, Stop & Shop, and Amazon Fresh. AeroFarms’ President, Guy Blanchard, emphasized the company’s commitment to long-term success through restructuring.
AeroFarms Expands Retail Availability (2023/06/14)
AeroFarms, a leader in indoor vertical farming and a Certified B Corporation has expanded the retail availability of its acclaimed microgreens to Walmarts and Stop & Shops in the Mid-Atlantic and Northeast U.S. regions. As a sustainability-focused brand, AeroFarms uses up to 95% less water than traditional farming and avoids pesticides. Recognized as the top retail brand in the U.S. microgreens market, their products are also available at major retailers like Amazon Fresh and Whole Foods Market, and they partner with notable food service providers. What differentiates AeroFarms’ microgreens is their year-round production, exceptional quality, and higher nutrient density. Grown in advanced commercial vertical farms, these greens are certified for various safety and quality standards, making them pesticide-free and ready to eat. AeroFarms also champions its FlavorSpectrum™ Philosophy, emphasizing the taste and flavor of its microgreens, with packaging colors indicating specific tasting notes.
AeroFarms Files for Chapter 11 Bankruptcy Protection, CEO Steps Down (2023/06/08)
The company filed for Chapter 11 bankruptcy protection in Delaware. To ensure a smooth transition into Chapter 11, the company has made several ‘first-day’ motions and secured an agreement for $10 million in debtor-in-possession (DIP) financing from an existing investor consortium, pending court approval. Combined with operational cash flow, this financing is expected to support AeroFarms during the bankruptcy process. Before this decision, the company explored strategic alternatives to benefit all stakeholders. David Rosenberg, Co-Founder, and CEO, has stepped down, with CFO Guy Blanchard becoming President. Despite industry challenges, AeroFarms remains dedicated to its operations, with its Danville farm expanding and its microgreens holding a solid market position. Blanchard expressed confidence in the company’s future growth. Throughout this period, AeroFarms is advised by DLA Piper, Cloudpoint Capital, and ICR, Inc.
Launches Community Farms Program at PS 85 (2023/06/05)
In celebration of World Environment Day on June 5, AeroFarms®, a leader in indoor vertical farming, is launching its AeroFarms Community Farms program at PS 85, The Great Expectations School. Integrating AeroFarms’ proprietary unit with a STEAM curriculum, this initiative aims to promote environmental education and provide consistent access to fresh greens. Sara Medina, Principal at PS 85, highlighted the program’s potential for hands-on STEAM learning and fostering a connection between students and their food. Aligned with the environmental protection ethos of World Environment Day, AeroFarms’ mission emphasizes sustainable growth and conservation. Using advanced aeroponic technology, their Community Farm unit allows for efficient, year-round farming, saving significant water and land resources. After initial success with Philip’s Academy Charter School in Newark, AeroFarms has expanded the program in the Newark/NYC area, even gaining recognition from Former First Lady Michelle Obama in 2016.
AeroFarms® Expands Partnership With Amazon Fresh in Nationwide Initiative (2023/05/17)
AeroFarms® is expanding its partnership with Amazon Fresh nationwide following a successful debut with Whole Foods Market. This collaboration marks a significant advancement for indoor agriculture. AeroFarms, dedicated to sustainable and people-centric farming, produces year-round crops using 95% less water and without pesticides. David Rosenberg, Co-Founder & CEO, expressed excitement about meeting the growing demand for their microgreens on Amazon Fresh. Recognized by Nielsen as the top U.S. retail brand for microgreens sales, AeroFarms’ products are also available at major retailers and through select food service partners. Their microgreens, known for their quality and flavor, boast a higher nutrient density than mature greens.
AeroFarms Expands in Texas with H-E-B (2023/04/27)
AeroFarms, a prominent figure in indoor vertical farming, is expanding its presence in Texas by partnering with the San Antonio-based supermarket chain, H-E-B. As AeroFarms scales its operations to meet growing demand, its commitment to sustainable and people-centric farming remains evident. The company produces year-round crops using 95% less water and no pesticides, distinguishing itself in the agricultural sector. Recognized by Nielsen as the top U.S. retail brand for microgreens sales, AeroFarms’ products are available at major retailers and select food service partners. Their microgreens, known for their rich flavor and pesticide-free nature, are grown sustainably using minimal water and land. The company’s FlavorSpectrum™ Philosophy showcases the diverse flavors of their produce, with packaging colors indicating specific tasting notes. All greens are grown in advanced indoor vertical farms, adhering to various safety and quality certifications, and are ready to eat without washing.
AeroFarms Dedicates Newark Farm to R&D for Future Crops and Solutions (2023/04/06)
AeroFarms is repurposing its Newark facility exclusively for R&D activities, leveraging its innovative growth technology to tackle agricultural challenges. This transition will provide AeroFarms with over 100,000 square feet of R&D space, consolidating it with another site in Newark. Meanwhile, commercial production has been shifted to their advanced farm in Danville, Virginia. David Rosenberg, co-founder, and CEO, highlighted the company’s expertise in plant science and R&D, mentioning the recent launch of their R&D vertical farm in Abu Dhabi. AeroFarms has a history of collaborating with various entities, including the USDA and Cargill, and continues to serve major clients like Amazon Fresh and Walmart. As the company refocuses its Newark facility, Rosenberg expressed gratitude to the Newark commercial farm team and emphasized support for affected staff. This strategic move underscores AeroFarms’ commitment to advancing agriculture and enhancing customer service, solidifying its leadership in indoor vertical farming.
AeroFarms Adds Food Industry Experts to Drive Expansion (2023/03/28)
The company has strengthened its executive team by appointing Robert Ferla as Vice President of Customer Logistics & Demand Planning and John Freitas as Head of Food Service. These additions aim to enhance the company’s customer-centric operations amidst its growth. Established in 2004, AeroFarms is recognized for its sustainable farming practices, producing crops year-round with significantly less water and no pesticides. The company’s achievements include being named one of the World’s Most Innovative Companies by Fast Company and securing a top position in the U.S. microgreens market. Their specialty greens are available at major retailers and food service partners. AeroFarms’ microgreens are known for their high nutrient density, and the company’s advanced technology has fostered partnerships across various sectors. Ferla, with his expertise in perishable food logistics, and Freitas, with his background in fresh foods, will play pivotal roles in AeroFarms’ expansion. The company’s greens are grown in certified vertical farms, ensuring safety and convenience for consumers. With these new appointments, AeroFarms is poised to further its mission of providing sustainable and nutritious food solutions.
AeroFarms Inks Two MoUs During Its AgTech Innovation Summit In Abu Dhabi (2023/02/17)
AeroFarms, a leader in indoor vertical farming, held its second annual AeroFarms AgTech Innovation Summit in Abu Dhabi, where the spotlight was on two significant Memorandums of Understanding (MoUs) the company signed. These agreements were with NYU Abu Dhabi and The International Center for Biosaline Agriculture (ICBA). The MoUs aim to delve into the capabilities of indoor vertical farming, especially in addressing the agricultural needs of global populations, emphasizing arid and desert environments. These collaborations underscore AeroFarms’ commitment to exploring sustainable agricultural solutions and highlight the potential of indoor vertical farming to revolutionize food production in challenging climates.
AeroFarms AgX Opens In Abu Dhabi, UAE (2023/02/15)
AeroFarms, a pioneer in controlled environment agriculture (CEA), has launched the AeroFarms AgX in Abu Dhabi, the world’s largest indoor vertical farm dedicated to research and development. This 65,000-square-foot facility is outfitted with cutting-edge laboratories for diverse research areas, including organoleptic studies, phytochemical analysis, and advancements in machine learning, robotics, and automation. David Rosenberg, AeroFarms’ Co-Founder, and CEO, highlighted the company’s commitment to global expansion and the transformative potential of the AeroFarms AgX. The facility is central to addressing agricultural challenges specific to desert and arid regions. AeroFarms AgX is involved in research projects collaborating with local entities to innovate farming solutions for extreme conditions.
Inks Deal With Saudi Arabia PIF To Establish Facilities Throughout The MENA Region (2023/02/01)
The Public Investment Fund (PIF) of Saudi Arabia has signed a joint venture agreement with AeroFarms. The partnership aims to establish indoor vertical farms in Saudi Arabia and the broader Middle East and North Africa (MENA) region, intending to increase regional food supply and optimize the use of natural resources. The joint venture plans to build and operate several indoor vertical farms in the next few years, starting with a farm in Saudi Arabia with an annual production capacity of up to 1.1 million kgs of crops. The partnership between PIF and AeroFarms aligns with PIF’s strategy to develop and enable critical sectors, including food and agriculture, which will improve the trade balance and position Saudi Arabia as a leader in vertical farming.
AeroFarms Expands Community Farm Program (2023/01/11)
AeroFarms, a certified B corporation and leader in indoor vertical farming, announced the expansion of its Community Farm program to bring year-round access to fresh and nutritious leafy greens to local settings like schools, corporate cafeterias, and community centers. Using patented aeroponic technology, the program empowers children and adults to participate in the full growing process while learning about sustainable food production and STEAM education. The expansion addresses increased demand for small indoor farming technology and supports the district’s plans to advance science, technology, engineering, arts, and mathematics education for students.
To Further Middle East Presence With Qatar Expansion (2022/11/17)
Expands Nationally with Whole Foods Market (2022/10/25)
AeroFarms & Infarm Featured on Fortune’s Change The World List (2022/10/12)
Opens Its Virginia Facility (2022/09/12)
Silal & AeroFarms Sign MoU Forges Long-Term R&D (2022/05/09)
Partners With Nokia Bell Labs To Further AI-Plant Technology (2021/08/23)
Image provided by AeroFarms
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