Ocado Group Plc has signed a MoU to form a partnership with 80 Acres Farms
Ocado Group Plc is a successful online grocery retailer and a leading global technology provider bringing of innovative software and hardware systems, including robotics and automation, digital twinning and machine learning / artificial intelligence.
Together with Priva and 80 Acres (both leading participants in vertical farming), they will form a strategic vertical farming partnership, Infinite Acres, with forecast revenues in 2019 of over $10m and the expectation of significant growth beyond. The partners will together develop an automated platform using Ocado’s proprietary technology and deploying state of the art artificial intelligence and data analytics in the setting of indoor agriculture. The transaction is expected to complete by 30 June 2019.
Lincoln acted as the exclusive advisor for Ocado Group Plc, working closely with the company’s management team throughout the process. This included providing advisory expertise and managing the partner search and negotiation phases of the transaction. Ocado will make a cash payment to 80 Acres and Priva for their investments to date, an equity capital contribution to Infinite Acres and will provide the JV with a line of credit.
Dr. Marc van Grondelle, Managing Director & Head of Joint Ventures & Partnering Group at Lincoln International, commented, “We’re delighted to have worked with Ocado, Priva and 80 Acres on this important transaction. The creation of Infinite Acres supports perfectly Ocado’s strategy of leveraging its significant portfolio of technologies and know-how to support new opportunities in other related businesses.”
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