The Hamilton-based vertical farming company has been an industry leader for the past several years through expansions and acquisitions, but in what 80 Acres and Soli Organic are calling a “strategic merger,” company officials say they are now set up to have the most advanced indoor farming networks in the world.
This newly formed company, which will operate under the 80 Acres Farms name and remain headquartered in Hamilton, is projected to end its first year with revenues approaching $200 million, according to the company. This merger will give 80 Acres around 1,400 total employees companywide, said Jed Portman, an 80 Acres Farms spokesman, adding the vast majority will remain at Soli facilities.
Hamilton has leaned into 80 Acres throughout its years. The company has a pair of indoor farms in the city, one in a rehabilitated South Second Street building in downtown Hamilton and a larger production facility on Enterprise Park Drive. The company’s headquarter offices are on the seventh floor of city building at One Renaissance Center, 345 High St.
It is Hamilton’s third-largest electric consumer, and there is a Utility Economic Development Agreement that helps incentivize 80 Acres’ growth.
“80 Acres is a powerhouse in their industry, putting Hamilton on the map for innovation and sustainable food production,” said Aaron Hufford. We’re proud to see this homegrown company continue to expand its footprint across the globe.”
Mike Zelkind, co-founder of 80 Acres Farms and CEO of the combined company, said this merger is the evolution of vertical farming.
“This merger unites two top operators that, together, have the scale, economics, and teams to deliver the results that the industry has been waiting for,” Zelkind said. “Both companies have spent decades developing enhanced technology, improving operations, and building winning brands.”
80 Acres Farms was founded in 2015 in Cincinnati by Zelkind and Tisha Livingston, the CEO of Infinite Acres, 80 Acres’ tech-focused subsidiary. Virginia-based Soli Organic was founded in 1989 and is a leading company in indoor organic agriculture. It serves most of the country’s top retailers.
The projected growth with this merger is behind Infite Acres’s GroLoop technology and data platform and Soli Organic’s proprietary organic growing system. With GroLoop leveraging Soli’s proprietary system, the company said this would “create one of the most reliable and efficient platforms in the industry.”
Credit: Nick Graham
Credit: Nick Graham
“GroLoop was built to adapt and scale across crops, climates, and facility types,” said Livingston. “By combining it with Soli’s reach, experience, and knowledge in agronomy, we’re able to move faster, work smarter, and deliver more value across the entire supply chain.”
With a unified team, company officials said their technology positions the new 80 Acres Farms “to lead the next phase of growth in indoor agriculture with a steady supply of the cleanest produce in the marketplace.”
Other highlights of the deal include: providing national scale and reach; providing a clear path to continued growth; building a diversified, high-velocity product portfolio; expanding operational depth and experience; and improving end-to-end supply chain efficiency.
While 80 Acres Farms’ roots are firmly planted in Hamilton, the company has expanded over the years in other states, including opening a 200,000-square-foot vertical farming facility in Boone County, Kentucky, and a research and development facility in Arkansas.
The company’s footprint expanded earlier this year with the acquisition of indoor vertical farms in Georgia, Texas and Colorado, and the IP, owned by Kalera. It also announced its acquisition of Plantae Biosciences, an Israeli biotechnology company.
Credit: Nick Graham
Credit: Nick Graham
As the demand for fresh, local, pesticide-free produce continues to grow, 80 Acres Farms is leveraging more than a decade of industry learnings by acquiring and revitalizing existing vertical farming facilities. The company is turning these assets into productive farms through its Infinite Acres technology, proven operational expertise and commercial relationships.
Walter Robb, co-chairman of Soli Organic and board member of the combined 80 Acres Farms, said this move “is a win for forward-thinking retailers and the customers they serve.”
“Retailers today want differentiated products, surety of supply, and a compelling story,” said the one-time Whole Foods Market co-CEO. “Given recent trade volatility, indoor agriculture is playing an increasingly important role for retailers. The combined company checks all the boxes.”
About the Author
