Lettuce grower in big sky country gets bigger

Added on 27 July 2021

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Lettuce grower in big sky country gets bigger

Greenhouse lettuce company Local Bounti is more than doubling the size of its flagship facility in Hamilton, MT, and plans to break ground on two additional facilities in the Western U.S. before the end of this year.

The company's pipeline includes eight facilities and a plan for 30 SKUs by the end of 2025. To finance this aggressive expansion, the company has agreed to go public through a merger with Leo Holdings III Corp.

"We are taking Local Bounti to the next level in enabling local, sustainable production and delivery of fresh, delicious, and nutritious produce, including in regions that traditionally don't have access to local supply, starting in the Western U.S. and expanding globally," says Local Bounti Co-Founder and Co-CEO Craig Hurlbert.

Hurlbert estimates that the total U.S. market for vegetables and herbs will reach up to $30 billion by 2025.

"We look forward to leveraging our business model as we accelerate the building of local production facilities that feature our Stack & Flow Technology, and transforming conventional agriculture practices for the benefit of all our customers, no matter where in the world they're located," Hurlbert says, adding that the company's growth plans include adding seven new facilities and local leadership in different geographic regions, as well as global expansion of its proprietary technology.

The company's business model is based on building local facilities, operated by local teams, to deliver fresh, high-quality produce to local communities while maintaining a limited carbon footprint.

Going Public

Local Bounti has agreed to go public through a merger with Leo Holdings III Corp. a publicly traded special purpose acquisition company.

"Local Bounti is set to be a transformational force in the ag tech industry with its demonstrated concept and model in food production and distribution," says Lyndon Lea, President and CEO of Leo. "Combining Local Bounti's emphasis on innovation, entrepreneurial spirit, and technology-driven approach with the institutional knowledge of the Leo Holdings team, we are confident in the company's ability to expand in both reach and consumer offerings."

Learn more here.