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James Thompson, Montana Ambassador, gives insights on Local Bounti Merger into SPAC

DEAL INSIGHTS | AGRICULTURE | JUNE 2021

LOCAL BOUNTI TO MERGE WITH NY SPAC. – Last week it was announced that Local Bounti, an Agtec company based in Hamilton, MT, will be merging with Leo Holdings III Corp. and will be listed on the NYSE (LIII.U). Leo Holdings is one of many SPACs (Special Purpose Acquisition Companies) that raise capital in the public markets to target investment opportunities. Local Bounti is a Controlled Environmental Agriculture (CAE) company addressing the world’s imminent food availability crises and tapping into the $30 Billion vegetable and herb market in the U.S. The company’s technology and processes allow for indoor harvesting of crops at a lower cost and higher quality than traditional farming methods. The deal will raise $300M in fresh capital to build-out 3 new facilities by 2022 and 8 by 2025, replicating what they currently produce in Hamilton.


INSIGHTS FROM JAMES THOMPSON

We had been hearing the excitement around this company for some time. With partners and investors like Cargill and proven retail distribution, they were hard to ignore. The management team is top-notch with Fortune 500 pedigrees, and they have been involved in other break-though technology commercialization efforts in clean water. This is an area of technology that is “hard science” which takes lots of time and patience to “get off of the

ground.”


We are active in Montana, where we think population growth and the high quality of life are driving entrepreneurship. Local Bounti in the Bitterroot Valley is a great example of a small Montana company changing the world.


MORE ABOUT ALEXANDER HUTTON

Alexander Hutton is the most experienced Middle Market Investment Banking firm in the Pacific Northwest. Since our firm's founding in 1986, we have worked on behalf of entrepreneurs and boards of directors to help them acquire and divest their companies and to be their advocates to the complex capital markets. Our clients reflect the Northwest region’s global expertise in manufacturing, technology, services, healthcare, and logistics. As the Seattle office of Oaklins, the world's leading M&A specialist with 70 offices worldwide, Alexander Hutton provides our clients global reach as they explore strategic alternatives. With over 200 successful M&A transactions, we at Alexander Hutton have gained the appreciation and trust of our clients by being strong, thoughtful and effective teammates.


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M&A ADVISORY | MERGERS & ACQUISITIONS | M&A SEATTLE