Agriculture Acquisitions in 2023

FirstFruits Farms, a portfolio company of Ontario Teachers' Pension Plan Board, has acquired Applewood Orchards, Inc. and Applewood Fresh Growers LLC. The deal expands FirstFruits' growing, packing and distribution footprint—adding apple acreage, controlled-atmosphere storage and new club apple varieties to better serve customers across the Midwest and East Coast.

10X Capital Venture Acquisition Corp. II completed its merger with African Agriculture, Inc., with the combined company changing its name to African Agriculture Holdings Inc. and beginning trading on the Nasdaq Global Market under the ticker AAGR. The transaction brings a commercial-scale alfalfa farming operation (currently ~750 acres in production out of ~62,000 acres secured in Senegal) to the U.S. public markets and is intended to fund scaling of agricultural production and geographic expansion across Africa.

Rovensa Group has acquired Agro-K, a family-owned U.S. biostimulants developer founded in 1976 and based in Minneapolis. Agro-K will be integrated into Rovensa Next to strengthen Rovensa's biosolutions portfolio and accelerate its expansion in the United States; financial terms were not disclosed.

Frisco-based agricultural software provider Ever.Ag has acquired Austin Data Labs, a U.S.-based AI and data-science SaaS firm, to strengthen Ever.Ag's data and AI capabilities across the food supply chain. The deal brings Austin Data Labs' machine-learning and analytics expertise into Ever.Ag's platform to accelerate end-to-end visibility and data-driven solutions across crops, dairy, livestock and food & beverage sectors.

Frutura, a California-based global fruit sales and marketing platform, has acquired Chicago-based Sun Belle and Santiago-headquartered Giddings Fruit to accelerate its berry capabilities and establish a near 52-week supply of premium berries and cherries. Founders Janice Honigberg (Sun Belle) and Julio Giddings (Giddings Fruit) will remain in leadership roles and join Frutura's board to support integration and global expansion.

Macquarie Asset Management, via its Macquarie GIG Energy Transition Solutions (MGETS) fund, has committed up to US$325 million to Atlas Agro Holding AG to support development and construction of industrial-scale green nitrogen fertilizer plants. The investment will help Atlas Agro scale its green-hydrogen-based fertilizer production and accelerate the company's expansion across the Americas and globally.

Brightstar Capital Partners has acquired Douglas Products and Packaging Company, LLC, a Liberty, Missouri-based specialty manufacturer and marketer of fumigants and pest-control products (brands include ProFume and Vikane). Terms were not disclosed; the seller was Altamont Capital Partners and Brightstar said it will partner with CEO Wes Long and management to pursue organic growth and acquisitions.

Agrality, an Argentina-based seed industry services company, has acquired Nebraska Irrigated Seeds, a Fremont, Nebraska seed production and processing business. The purchase adds four sites, ~400,000 sq ft of warehousing/processing capacity and access to thousands of acres of seed production, accelerating Agrality's expansion into the U.S. Midwest seed market.

Blue Road Capital, an investment firm focused on vertically integrated food and agriculture businesses, has acquired NatureSweet (NS Brands, Ltd.), the largest vertically integrated greenhouse-grown produce company in North America, from Silver Ventures for an undisclosed sum. NatureSweet grows, harvests, and packages tomatoes, peppers, and cucumbers across more than 1,400 acres and employs over 6,000 people, with products sold through major supermarkets across the United States, Mexico, and Canada.

EW Group, a family-owned global life sciences group, has agreed to acquire Planasa, a Spain-headquartered global leader in berry breeding and nursery operations, from private equity firm Cinven and Label Investments. Financial terms were not disclosed; the deal is subject to customary regulatory approvals and will expand EW Group's breeding capabilities and presence in the fruit and vegetable sector.

Alta Arbor Holdings has acquired Plant Odyssey, a Texas-based grower of finished plants operating a 40-acre facility in Kyle, Texas. Plant Odyssey — founded in 1979 and a supplier to several Texas grocers — will continue to operate under its existing name and leadership as Alta Arbor expands its horticulture portfolio in the state.

Alta Arbor Holdings has acquired Casa Flora Inc., a Dallas-based propagator of fern and foliage liners known for tissue culture propagation and wholesale liner production. The acquisition expands Alta Arbor's propagation and greenhouse capabilities to better serve commercial growers across the United States and Canada while Casa Flora will continue operating under its existing name and leadership.

Emmetts, a family-owned John Deere agricultural equipment dealer group based in Horsham, Victoria, has acquired Pringles Crouch, a John Deere dealer with four branches serving the Eyre Peninsula and Mid-North regions of South Australia. The acquisition, effective 31 August 2023, expands Emmetts' South Australian footprint and combines sales, parts and service capabilities to provide broader product distribution and enhanced support for local farmers.

AM FRESH Group has agreed to acquire International Fruit Genetics (IFG) and merge it with Special New Fruit Licensing (SNFL), creating an integrated table grape and cherry breeding platform. The combined business will be majority‑controlled by AM FRESH with significant minority investment from EQT Future and continued investment/reinvestment from Paine Schwartz Partners to accelerate R&D, broaden gene pools and scale varietal commercialization.

Lindsay Corporation has acquired FieldWise, LLC, a Norfolk, Nebraska–headquartered provider of subscription-based precision irrigation and remote monitoring solutions. FieldWise will continue to operate independently while the acquisition strengthens Lindsay's smart irrigation and AgTech capabilities and expands its distribution and customer reach globally.

Deere & Company (John Deere) has acquired Smart Apply, Inc., an Indianapolis-based developer of the Smart Apply Intelligent Spray Control System, which uses LiDAR and GPS-enabled software to deliver precision spraying for orchards, vineyards, and tree nurseries. The acquisition expands John Deere's high-value crop technology portfolio and brings precision spray hardware and data capabilities that can reduce chemical use and drift while integrating with the John Deere Operations Center.

Biobest Group has completed its acquisition of BioWorks, Inc., a Victor, New York-based manufacturer and marketer of biopesticides. The deal expands Biobest's biopesticide portfolio and establishes BioWorks' Victor facility as the group's North American manufacturing and marketing hub for biopesticides.

Sustainable Agro Solutions (SAS), a Stirling Square Capital Partners portfolio company, has acquired Biovert, a family-owned developer and producer of biostimulants, biocontrols and specialty plant nutrition solutions based in Lleida, Spain. The deal — terms undisclosed — is an add-on to SAS's platform to consolidate market position, expand capabilities (notably seaweed/algae extracts and organic solutions), and support international growth with Stirling Square backing.

Kramp, Europe’s specialist distributor of agricultural spare parts, has acquired Genfitt, a long-established Irish wholesaler of agricultural spares and components, to strengthen its presence in the Irish market. The sellers include Paul Duggan and other selling shareholders; Kramp plans a step‑by‑step integration while maintaining business-as-usual operations for customers.

Private equity firm Sandton Capital Partners has acquired Vindara from vertical farming operator Kalera for an undisclosed sum. Vindara, an Orlando-based developer of seed varieties and genomics-driven breeding technology for vertical and controlled-environment agriculture, will continue to be led by Co‑Founder and CEO Dr. Jade Stinson as Sandton provides capital to accelerate R&D and commercial growth.

Sicit Group has acquired a majority 51% stake in Patagonia Biotecnologia, a Chilean producer of seaweed-based biostimulants headquartered in Puerto Montt. The deal expands Sicit's biostimulant portfolio into plant-based products and gives the company access to Patagonia Biotecnologia's roughly EUR 5 million 2022 revenue base and export footprint across the Americas.

Degelman Industries LP has acquired Renn Mill Center Inc., a Lacombe, Alberta–based designer and manufacturer of grain processing and grain bag storage systems. The acquisition expands Degelman's product offering and manufacturing footprint, increasing combined headcount to over 500 and preserving RMC's management and dealer relationships.

Hiphen has acquired SlantRange, combining Hiphen's analytics and strong European presence with SlantRange's patent portfolio and growing U.S. customer base to form a global provider of remote sensing, computer vision, and AI-driven crop measurement and prediction solutions. The combined business will operate under the Hiphen brand and aims to accelerate delivery of analytic tools to crop science companies and agricultural enterprises worldwide.

Swedish agricultural equipment maker Väderstad Group has acquired the inter-row cultivator product range and related intellectual property from Danish manufacturer Thyregod A/S, including the TRV range and Swingking. The takeover (transition starting spring 2023, Väderstad assumes responsibility June 1) is intended to expand Väderstad's tillage and seeding portfolio, speed time-to-market for the segment and leverage Väderstad's dealer network to broaden distribution.

Antwerp‑based Innovad is acquiring all the shares of Swiss plant‑based bioactives specialist Herbonis and its affiliates (including UK‑based Wyreside) to strengthen its natural specialty feed ingredients and botanicals portfolio. The deal brings Herbonis's Panbonis product and scientific know‑how into Innovad's global commercial platform; Innovad is supported by IK Partners/IK IX Fund in its growth strategy.

Scope Carbon Corp. entered into a non-binding letter of intent to acquire Tempe-based Farm Flight, Inc. in an all-share transaction valued at approximately USD $14.5 million. The deal is intended to combine Scope's AI-driven carbon/image analysis capabilities with Farm Flight's image-based crop data and analytics to expand Scope's services into the U.S. agricultural sector and accelerate revenue growth.

AYR Wellness Inc. has closed its acquisition of Tahoe Hydroponics Company, LLC, a Nevada-based cultivator, assuming 100% of membership interests. At close AYR paid $1.5 million in cash and issued 232,795 exchangeable shares (with an additional NV Green, Inc. closing expected and further shares to be issued upon that closing).

PRT Growing Services Ltd. has acquired International Forest Company (IFCO), combining their nursery and seed orchard networks to create the largest reforestation seedling platform in North America. IFCO's CEO Patrick Mobley will remain involved as an investor and special advisor while IFCO's executive team stays on to support growth and expanded capacity.

Intelinair, an Indianapolis-based provider of aerial imagery and analytics (AGMRI), has acquired Aker Technologies, a digital agronomy and drone-imagery company based in Effingham, Illinois. The deal expands Intelinair’s drone capabilities and product offerings, enhancing its AGMRI platform and operational capacity to better serve farmers and ag retailers; terms were not disclosed.

Paine Schwartz Partners has completed a go-private acquisition of AgroFresh Solutions, Inc., acquiring the company’s outstanding public shares and delisting it from NASDAQ. The transaction gives AgroFresh a private ownership structure intended to strengthen its financial foundation and support expansion initiatives, innovation investment, and its mission to reduce food waste across the fresh produce supply chain.

Delta Water Products Ltd. has acquired WaterTec Irrigation Ltd. and WaterTec Inc., combining two Western North American irrigation distributors to expand Delta’s geographic footprint and technical capabilities across British Columbia and the Pacific Northwest. Commercial Capital Corporation acted as exclusive financial advisor to WaterTec on the sale.

Heartwood Partners LLC has acquired NativeSeed Group, a vertically integrated provider of native seeds and erosion control products headquartered in Carpinteria, California, from founder Victor Schaff. Heartwood said it will partner with the existing management team to expand the business organically and via strategic add-on acquisitions to grow geography and customer types.

Foresight Group has agreed to provide growth capital to Harvest London to support the expansion of its vertical farming operations, including development of a 140,000 sq ft facility in Beddington, South London. The funding will allow Harvest London to scale production of herbs, salads and specialist ingredients for retail, foodservice and meal-kit customers across London and beyond.

Croptimistic Technology Inc. has acquired CropPro Consulting and will operate it within its farmer services division. Concurrently, Forage Capital Partners invested $9.1 million in a Series B into Croptimistic to fund R&D and working capital, supporting Croptimistic's scale and product development in precision agriculture.

CropX Technologies acquired California-based Tule Technologies to add Tule’s canopy-based evapotranspiration sensing and precision-irrigation data capture to the CropX Agronomic Farm Management System. The deal expands CropX’s capabilities for drip-irrigated specialty crops (vineyards, tree-nuts) and brings all Tule employees into CropX’s team to support enhanced AI-driven irrigation recommendations in California.

Valent BioSciences LLC, a subsidiary of Sumitomo Chemical Co., Ltd., has acquired FBSciences Holdings, Inc., a Collierville, Tennessee–headquartered developer of naturally derived biostimulants, biopesticides, and crop nutrition solutions. The acquisition strengthens Valent's capabilities and market position in the rapidly growing global biostimulant and biorationals market.

AgriFORCE Growing Systems Ltd. entered a binding letter of intent to acquire a 70% equity stake in Berry People LLC for a total purchase price of $28.0 million (approximately $18.2M cash and $9.8M in restricted shares), with potential earnouts over five years. The deal is intended to bolster AgriFORCE's Brands division, expand distribution and vertical integration in fresh berries, and realize commercial synergies with its UN(THINK) business and other partners.

Italian specialty chemicals group Lamberti has completed the acquisition of Aquatrols, a Paulsboro, New Jersey–based developer of specialty surfactants and soil-applied products for turf, agriculture and horticulture. The deal provides Lamberti with expanded capabilities in water-optimization and growing-media products while offering Aquatrols enhanced supply security and resources for innovation; Aquatrols had been majority‑backed by Rural American Fund since 2015.

GrowLife, Inc. (OTCQB: PHOT) completed the acquisition of certain assets of Bridgetown Mushrooms on January 6, 2023, bringing the Portland-area mushroom producer under GrowLife’s ownership. The deal positions GrowLife to expand nationally into gourmet and functional mushroom products and mycology supplies while Bridgetown’s leadership will remain in place to support planned growth and operational scale-up.