Agrinam Acquisition today announced that it has entered into a binding letter of intent for a business combination with Freight Farms, an agtech company engaged in sustainable, hyper-local and ultra-fresh food production.
The proposed deal is expected to reflect a pro forma enterprise valuation of approximately $147 million.
In connection with the LOI, Agrinam is targeting a non-binding investment of approximately $20 million from existing Agrinam sponsors and certain strategic investors. In addition, Agrinam’s sponsor has delivered $4 million to Freight Farms to demonstrate its commitment to the transaction.
Agrinam intends to announce additional details regarding the proposed business combination once a definitive agreement has been executed, which is anticipated in the third quarter.
Founded in 2012, Freight Farms is an industry pioneer and global market leader of modular controlled environment agriculture with over 600 modular farms sold across 40 countries. Freight Farms’ diverse client portfolio includes hundreds of for-profit farmers as well as an expanding set of farmers in segments such as education, hospitality, healthcare, grocery, food banks, and non-profit community organizations. To date, Freight Farms has raised over $43 million in external funding. Read more.
