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AgriFORCE Growing Systems Ltd. AGRI is an IP-focused agricultural technology (AgTech) company working hard to deliver intelligent and sustainable food solutions. Now the company is broadening its growing food portfolio through a binding letter of intent (LOI) to purchase Berry People LLC, a berry business with an increasingly international footprint and a scalable platform model.
The organic food industry is expected to jump to $294 billion globally in 2023, up from $259.06 in 2022. Concerns around genetically modified organism (GMO) farming have driven interest in organic solutions, as close to 200,000 people die from pesticide poisoning every year. Organic plant produce is also seeing popularity as an eco-friendly, sustainable way of growing and harvesting crops.
AgriFORCE is looking to bring meaningful change to the agricultural industry by solving the urgent need for healthy food. Through the planned acquisition of Berry People, with its growing US footprint, AgriFORCE will continue pursuing its work of research and development (R&D) and intellectual property-driven solutions to transform the agricultural industry.
A Berry Good Decision
AgriFORCE’s mission is to create an integrated approach to agriculture built on expertise and solid industry knowledge. It already has a developed AgTech platform that uses cutting-edge IP, technology, and knowledge to drive its strategy of getting healthier and more accessible produce from the farm to the kitchen. Acquiring Berry People – with its recognized brand and scalable platform model – is a key step in this approach.
Berry People’s mission is to provide a full line of organic and healthy berries all year round. Founded in 2017, Berry People saw an unaudited $37 million in net revenue in 2022. The company has built a robust network of 200 retail and food service customers in the US, and over 100 growers across the US, Canada, Mexico, and Peru, for its produce.
Now AgriFORCE will acquire 70% of Berry People for $18.2 million in cash plus another $9.8 million in restricted shares of AgriFORCE. The AgTech company already has a line of healthy foods in its Un(Think) Awakened flour line. AgriFORCE is setting a healthier standard with its Un(Think) brand, producing a more nutritious choice than traditional all-purpose white flour with five times the fiber, up to twice the protein, and 23% less net carbs.
The planned acquisition of Berry People will add to AgriFORCE’s growing portfolio of acquisitions, as the company finds new ways to expand its mission in 2023. Its previously announced planned acquisitions include Delphy, a European-based consulting company that added to AgriFORCE’s research and development (R&D) capabilities. It is also has announced planned acquisitions of Deroose Plants NV, a tissue and young plant biotech company, and food processing IP from Manna Nutritional Group (MNG).
Together, these acquisitions could represent AgriFORCE’s decisive place in the market as an integrated AgTech solutions provider. Now with the LOI for Berry People’s acquisition, the company looks to strengthen its position in the high-nutrition food market.
Other companies in the natural foods industry include Bunge Limited BG, The Scotts Miracle-Gro Company SMG, Corteva, Inc. CTVA, and Nutrien Ltd NTR.
Interested in learning more about the future of organic food? Visit AgriFORCE’s website.
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Featured photo by Olga Miltsova on Shutterstock
