We are pleased to share the sale of our client, Greenleaf Growers, Inc., to 2900 Madison Ave Holdings, LLC (a holding company of Edible Garden, Inc.). The transaction closed September 2, 2022.
Greenleaf Growers, located in Grand Rapids, Michigan, operates as a greenhouse and wholesale commercial grower, producing spring crops, fall mums, as well as seasonal poinsettias. The products are grown on a contract basis for a qualified industry-specific customer base.
The company's comprehensive equipment, as well as infrastructure capabilities, support its cost efficiencies, operational consistencies, and quality control to provide clients with superior value and product quality. Greenleaf Growers will operate as “Edible Garden Heartland”.
Located in Belvidere, New Jersey, Edible Garden (Nasdaq: EDBL) is a leader in locally grown organic leafy greens and herbs backed by Zero-Waste Inspired® next-generation farming. Offered at over 4,000 stores in the U.S., Edible Garden is disrupting the CEA and sustainability technology movement with its safety-in-farming protocols, use of sustainable packaging, patented GreenThumb™ software and self-watering in-store displays.
Edible Garden currently operates state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey and Grand Rapids, Michigan, strategically located near major markets in the U.S. Its proprietary GreenThumb software optimizes growing in vertical and traditional greenhouses while seeking to reduce pollution-generating food miles. Edible Garden is also a developer of ingredients and proteins, providing an accessible line of plant and whey protein powders under the Vitamin Way® and Vitamin Whey® brands.
“The Greenleaf Growers facility will incorporate our patented, advanced technologies and processes, while reinforcing our commitment to the region and our Midwest customers. Most of all, this facility will support our mission of providing Zero-Waste Inspired, Simply Local, Simply Fresh® produce,” said Jim Kras, Chief Executive Officer with Edible Garden.
Kras added, “We are delighted to have Greenleaf’s shared commitment for a smooth transition of the existing floral customers’ business to Edible Garden’s technology-backed growing platform.”
Mike Sudbury, General Manager at Edible Garden, will lead the Grand Rapids facility. “As a heartland native, I am particularly proud that we chose to purchase an existing facility and retrofit it with our proprietary technology,” said Mr. Sudbury. “We anticipate retaining substantially all the existing workforce and, over time, we could add as many as 40 additional jobs, as well as potentially contribute to an additional 100 indirect jobs within the Grand Rapids community.”
“Grand Rapids is the ideal location for Edible Garden Heartland as it places us close to one of our major retail distribution partners, Meijer, while also allowing us to extend our reach and better serve other customers in the region. This further empowers us to minimize food miles, shorten time to market while decreasing spoilage, waste, and ultimately reducing our CO2 footprint,” noted Kras.
Generational Equity Executive Managing Director of M&A – Central Region, Michael Goss, and his team, led by Senior M&A Advisor, Joe Hige, with the support of Managing Director, M&A, Ryan Johnson, successfully closed the deal. Senior Managing Director Rick Buchoz established the original relationship with Greenleaf Growers.
“Greenleaf Growers operations and facility are a solid match for the future growth of Edible Garden. Both sides worked well together to execute a mutually beneficial transaction,” said Hige.
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