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
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.
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