Cox Enterprises acquires BrightFarms
In what could be one of the biggest indoor agtech acquisitions so far, Atlanta-based Cox Enterprises has acquired Irvington, N.Y.-based BrightFarms, the indoor farming company and provider of locally grown packaged salads in several states.
The relationship between BrightFarms and Cox started in 2018, and Cox has held a majority stake in the company since 2020, according to a news release.
The transaction aligns with Cox’s mission to build a healthier and more sustainable future, a mission backed by more than $1 billion in investments in sustainable businesses and
Technologies. BrightFarms will play a key role in helping Cox reach its goal of building a multibillion-dollar cleantech business by 2030.
“BrightFarms is a perfect example of our Cox Cleantech strategy – positively impacting the world through profitable, mission-driven businesses,” Steve Bradley, vice president of Cox’s cleantech, said in the release. “Over the years, our enthusiasm for BrightFarms and the opportunity to transform the industry has increased tremendously, which led us to want to play a larger role in what they're doing.”
As part of its expansion goals, BrightFarms plans to construct a national network of new high-tech farms that will accelerate the salad industry’s transition to indoor farming.
The company will also increase investment in talent, research and innovation as it expands its product portfolio within the salad category and beyond.
“BrightFarms has built the most advanced network of local indoor farms in the nation. Being part of the Cox team will allow us to scale more rapidly, transforming the salad industry for American consumers,” BrightFarms CEO Steve Platt said in the release.
Platt thanked his company’s founder, Paul Lightfoot, for his vision and Catalyst Investors for early support.
BrightFarms operates five farms in Virginia, Ohio, Pennsylvania, North Carolina and Illinois.
In July, BrightFarms acquired lēf Farms, an indoor grower based in Loudon, N. H. The company
plans to expand lēf’s facility into a 14-acre indoor growing hub for New England supermarkets.
BrightFarms grows and delivers its greens to local supermarkets as soon as 24-hours.
Cox deals with companies in communications, automotive and media. The major operating subsidiaries include Cox Communications and Cox Automotive, while it is investing in new industries and emerging technologies with sizeable interests in clean technology and healthcare. Cox has almost $20 billion in annual revenues and brands that include Autotrader, Kelley Blue Book and Cox Homelife.
Forbes has recognized BrightFarms as one of the “100 Most Consumer Centric Companies” and Fast Company has called BrightFarms “One of World's 50 Most Innovative Companies” and one of the “Top 10 Most Innovative Companies in Food.”
