Kalera, a vertical-farm business headquartered in Orlando, Florida, is to buy &ever, another firm in the sector, located in Germany.
Under the terms of the deal Kalera, which is listed on the Oslo Stock Exchange in Norway, will pay for &ever with a combination of cash and shares.
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Shareholders in &ever will receive EUR21.6m in cash and 27.8m Kalera shares at a subscription price of NOK36.68. The deal gives &ever an enterprise value of EUR130m (US$152.5m).
Kalera’s shareholders will own 87% of the combined company, with &ever investors holding the remaining 13%. &ever will be renamed Kalera GmbH.
Based in Hamburg, &ever cultivates leafy greens and herbs in a controlled-indoor environment such as spinach, kale, endive (a vegetable belonging to the Cichorium family), arugula, watercress, cilantro and bok choy.
Founded in 2015, the company uses its trademark dryponics technology – where the roots are retained right up to the point of consumption to maintain freshness – and also its own so-called bestponics system, where nutrients and water inputs are controlled according to the plant’s needs.
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By GlobalDataThe company has operations in the Middle East and Asia, as well as two farms in Munich. It is ramping up a new vertical farm in Kuwait, and another is under construction in Singapore due to be operational in the first quarter of next year. As well as its own farms, &ever has its growing systems in-store at retailers.
Its CEO Dr. Henner Schwarz, who will act as managing director for the combined business in EMEA and Asia, said in a statement: “From the beginning, our vision has been to offer communities worldwide hyperlocal high-quality salads and herbs year-round. Together with Kalera, we have now come a big step closer to this goal.”
Daniel Malechuk, the current chief executive of the US business, will serve as the CEO of Kalera GmbH. He added: “The merger is an important milestone for the global future of vertical farming. We are very much looking forward to the next steps with &ever as a new, stronger Kalera.”
The transaction is expected to be completed by the end of September and marks Kalera’s first international expansion.
Kalera itself cultivates hydroponic leafy greens and herbs such as a variety of lettuce, mustard leaf, red sorrel, pea shoots, cilantro and basil sold into select Publix stores in Orlando and a selection of restaurants. It operates farms in Hawaii, Atlanta, Houston, Denver, Seattle, Columbus and Honolulu.
“With Kalera’s farms in North America and &ever’s operations in Asia, the Middle East and Europe, we will jointly revolutionise the global vegetable production industry and further expand our market leadership in vertical farming,” Malechuk said.
