2022

Pete’s has been sold to Local Bounti

Pete’s

Hollandia Produce Group, Inc. (Pete’s) is a leading hydroponic grower of butter lettuce, packaged salad and cress. The company has developed a national Controlled Environment Agriculture (CEA) platform, with more than 25 years of growing experience underpinning significant expertise in butter lettuce. The company’s products are sold in approximately 10,000 doors nationally. Pete’s serves a diverse customer base, delivering its products to grocery retailers, distributors, foodservice and home delivery customers.

The Deal

Pete’s used its multi-decade experience in growing butter lettuce to introduce a line of highly successful CEA-grown packaged salads at one of its California greenhouses. The company had broken ground on a packaged salad-only greenhouse in Georgia and sought a partner to build a national network of greenhouses to accelerate growth and capture market share. Lincoln worked with Pete’s management and board to identify a broad spectrum of alternatives ranging from traditional private equity investors to strategic partners. The company ultimately identified Local Bounti as the best partner to realize Pete’s vision for continued success.

Our Perspective

Jeff Cleveland, Managing Director in Lincoln’s Consumer Group, commented, “Pete’s is the undisputed leader in CEA butter lettuce. The company’s long, successful track record speaks to Pete’s leadership and the talented management team. We are honored to have played a role in bringing the Pete’s team together with their new partners at Local Bounti, and we look forward to following the company’s continued success.”

Local Bounti

Local Bounti (NYSE: LOCL) is a premier CEA company redefining conversion efficiency and environmental, social and governance (ESG) standards for indoor agriculture. Local Bounti operates an advanced indoor growing facility in Hamilton, Montana, within a few hours’ drive of its retail and foodservice partners. Reaching retail shelves in record time post harvest, Local Bounti produce is superior in taste and quality compared to traditional field-grown greens.

Local Bounti’s USDA Harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using proprietary technology 365 days a year, free of pesticides and herbicides and using 90% less land and water than conventional outdoor farming methods. With a mission to “bring our farm to your kitchen in the fewest food miles possible,” Local Bounti is disrupting the cultivation and delivery of produce. Local Bounti is also committed to making meaningful connections and giving back to each of the communities it serves.

Lincoln served as a trusted advisor to the entire Pete's team, helping drive an outstanding outcome for the company. Lincoln's expertise in food and beverage, along with extensive relationships with key buyers were critical to a successful transaction.
Brian Cook
Chief Executive Officer of Pete's

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Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.