August 11, 2021
GCA Altium advises &ever on the sale to Kalera
GCA Altium acted as advisor to &ever, a global leader in baby leaf indoor farming, on the sale to Kalera, one of the fastest growing and largest vertical farming companies in the world. This transformational acquisition is creating the world leader in the vertical farming space.
&ever is a vertical farming company that combines technologies from the fields of software, mechanical engineering and agriculture to grow select baby leaf produce. The company was founded in 2015 and is headquartered in Germany with operations in the Middle East, Asia and Europe. &ever has designed production facilities of various sizes, ranging from small scale installations to mega-farms. The patented cultivation systems from &ever are easily scalable in shape and size so that indoor vertical farms of various sizes can be operated anywhere in the world, regardless of local climatic conditions.
Kalera is a US-based vertical farming company based in Orlando, Florida, and is listed on Euronext Growth Oslo (KAL). The company uses technology to ensure that more people around the world have access to the freshest, most nutritious, and cleanest products possible. It has spent several years optimising plant nutrient formulas and developing an advanced automation and data acquisition system with Internet of Things, cloud, big data analytics and artificial intelligence. Kalera currently operates farms in Orlando, Florida, Atlanta, Georgia and Houston, Texas, with plans to open more farms in the US and also in both the Middle East and Asia in the coming months.
Kalera has entered into a share purchase agreement for the acquisition of all shares in &ever for a total consideration reflecting an enterprise value of EUR 130m on a cash and debt free basis. &ever’s management team will join Kalera to strengthen Kalera’s international business development initiatives and operational capabilities.
The acquisition will transform Kalera into the global vertical farming leader, accelerating its plans for international growth and broadening its product line to include several cut leaf baby greens in high demand.
Commenting on the transaction, Daniel Malechuk, CEO of Kalera, said: “With Kalera’s farms in North America and &ever’s operations in Asia, the Middle East and Europe, we will jointly revolutionise the global vegetable production industry and further expand our market leadership in vertical farming. In addition, we see &ever’s climate cell technology and their high degree of automation as excellent additions to our advanced nutrient management system, which will further increase the productivity of our production facilities.”
Henner Schwarz, CEO of &ever, who will report to Mr. Malechuk and continue to lead existing &ever operations, added: “GCA Altium’s deep industry and process expertise, combined with their unique ESG know-how, made all the difference in positioning the company and identifying the relevant buyer universe. The team’s hands on approach and senior support throughout every step of the process resulted in securing this outstanding outcome.”
This transaction marks the 26th ESG deal in Europe so far for GCA Altium in 2021, in an industry critical for the global sustainability agenda by reducing the footprint of our food system. GCA Altium helped &ever design their ESG transformation and identify strategic priority areas for the company.