The US-based vertical-farming business, AeroFarms, has successfully emerged from bankruptcy proceedings with the appointment of a new CEO. The company, based in New Jersey, recently exited the Chapter 11 process it entered in June and has received approval from the bankruptcy court in Delaware for an “asset purchase agreement” with existing investors Grosvenor Food & AgTech and Doha Venture Capital. Molly Montgomery, a partner at Grosvenor Food & AgTech, now assumes the role of acting CEO and executive chair of AeroFarms’ board of directors.
David Rosenburg, the co-founder of AeroFarms, stepped down as CEO in June and has transitioned to an advisory role on the company’s board. Meanwhile, Guy Blanchard, the finance chief, has taken on the additional position of president. Montgomery, who previously served as CEO of Custom Made Meals and Landec Corp., brings valuable experience to AeroFarms.
AeroFarms operates two vertical farms in Newark, New Jersey, and Danville, Virginia. The company cultivates leafy greens in a controlled-indoor environment and supplies major retailers such as Whole Foods Market, Ahold Delhaize, HEB, and Harris Teeter. By streamlining operations and focusing on the Danville Farm, AeroFarms aims to achieve profitability and expects the facility to be fully operational and profitable by the end of the year.
Like other vertical-farming businesses, AeroFarms has faced industry and capital market challenges. AppHarvest, a Kentucky-based peer, also entered Chapter 11 proceedings in July. Despite financial hardships faced by some vertical farms, AeroFarms remains committed to creating a more sustainable global food supply chain. The company has undergone necessary changes to deliver on its vision and is focused on efficiently scaling operations to become a market leader.
As the food and beverage industry continues to evolve, AeroFarms remains dedicated to staying at the forefront of food and drink consumer trends. By embracing vertical farming technology and sustainable practices, AeroFarms aims to meet the growing demand for fresh, locally sourced produce in a profitable and environmentally friendly manner.
If you would like more information about AeroFarms’ asset purchase program or its partnership with Grosvenor Food & AgTech and Doha Venture Capital, please reach out to the company directly.
Stephan Dolezalek, a managing partner at Grosvenor Food & AgTech, expressed optimism about AeroFarms’ future, stating that the changes implemented mark a new chapter in the company’s growth. Vertical farms play a critical role in creating a more sustainable global food supply chain, and Grosvenor Food & AgTech is committed to scaling operations efficiently to deliver a market-leading product through a profitable business model.
