Fladgate advised Ocado on its recent investment into vertical farming start-up, Jones Food Company. The transaction comprised a partial buyout of the seed investors and a further equity investment backing the management team.
Described as the world’s most advanced vertical farm, Jones Food Company has a 5,000 square-metre facility in North Lincolnshire, with LED-lit and hydroponically grown trays of herbs and salad ingredients stacked 17 high. The facility currently has the capability to supply produce for 11 million sandwiches a week.
This investment further strengthens Ocado’s expanding online and technology business, following recent investments in the food technology sphere including a recent equity investment in robotics start-up, Karakuri.
Client partner, Grant Gordon said: “Fladgate has established a strong reputation as expert and trusted advisers to clients undertaking growth capital transactions. We are delighted to continue to be involved with Ocado’s expansion within the food and technology arena and it was a pleasure to represent Ocado on its latest transaction with Jones Food Company.”
Lead partner on the transaction, Jamie Hamilton commented: “This sector is extremely relevant in the pursuit of sustainability and efficiency and this was a rewarding transaction on which to be instructed. We were pleased to bring a wide range of specialist knowledge to this transaction and we look forward to following future developments.”
Grant and Jamie were supported by associates Diana Mennie (corporate), Michelle Waknine (intellectual property), Caroline Philipps (employment) and Anthony Reeves (tax), and by trainees Thomas Edwards and Gerald Brent.
