Agrify Corporation Acquires Lab Society
February 2, 2022
Agrify Corporation (Nasdaq: AGFY) acquired Lab Society, a Boulder-based maker of distillation and solvent separation equipment for the cannabis extraction industry, for $8 million in cash and stock plus an earnout of up to $3.5 million. The deal adds Lab Society’s hardware and proprietary EliteLab software to Agrify’s extraction product portfolio and is expected to be accretive in early 2022; Lab Society reported approximately $10 million in revenue for 2021.
- Buyers
- Agrify Corporation
- Targets
- Lab Society
- Industry
- Manufacturing
- Location
- Colorado, United States
- Transaction Type
- Buyout
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