Indoor farming company BrightFarms has been acquired by Cox Enterprises. The relationship between BrightFarms and Cox dates back to 2018, and Cox has held a majority stake in the company since 2020, according to the company.
"BrightFarms is a perfect example of our Cox Cleantech strategy – positively impacting the world through profitable, mission-driven businesses," said Steve Bradley, vice president of cleantech for Cox Enterprises, in a statement. "Over the years, our enthusiasm for BrightFarms and the opportunity to transform the industry has increased tremendously, which led us to want to play a larger role in what they're doing."
According to Cox Enterprises, BrightFarms plans to leverage its market advantage and relationships with the nation's largest retailers to bring local indoor leafy greens to more than two thirds of the population by 2025. As part of its expansion plan, BrightFarms plans to construct a national network of new high-tech farms that will accelerate the salad industry's transition to indoor farming. The company will also increase investment in talent, research and innovation as it expands its product portfolio within the salad category and beyond.
"BrightFarms has built the most advanced network of local indoor farms in the nation. Being part of the Cox team will allow us to scale more rapidly, transforming the salad industry for American consumers," said Steve Platt, CEO of BrightFarms, in a statement. "As we embark on this new chapter, the BrightFarms team extends gratitude to our founder, Paul Lightfoot, for his bold vision and to Catalyst Investors for their early and unwavering support."
Related: Food, AgTech Investments Near $12 Billion in 2020; BrightFarms Raises $100 Million.
Image: BrightFarms