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Lionellee
2021-06-18

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Local Bounti Agrees Merger With Leo Holdings SPAC

Transaction set to give combined entity $1.1 billion valuation Fidelity, Cargill said to be investor

Local Bounti Agrees Merger With Leo Holdings SPAC

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To support the deal, Leo Holdings III raised $125 million via a so-called private investment in public equity, or PIPE, from investors including Fidelity Management &amp; Research Co. and Cargill Inc., the people said. Cargill is additionally slated to provide $200 million in debt financing, they added.</p>\n<p>Representatives for Local Bounti, based in Hamilton, Montana, Leo Holdings III and Fidelity declined to comment. A representative Cargill didn’t immediately respond to requests for comment.</p>\n<p>Founded in 2018 by co-CEOs Craig Hurlbert and Travis Joyner, Local Bounti focuses on the sustainable production and delivery of fresh produce. Its proprietary technology grows leafy greens such as romaine and butter lettuce and herbs like cilantro and basil using 90% less land and water than traditional agricultural methods, and without pesticides or herbicides.</p>\n<p>The startup in May bolstered its leadership ranks, adding Kathleen Valiasek as chief financial officer and former Beyond Meat Inc. chief financial officer Mark Nelson to its board. At the time, the company said Valiasek would help advance its plan to more than double the size of its flagship facility in Montana and to break ground on new U.S. sites.</p>\n<p>Leo Holdings III, led by Lion Capital executives Ed Forst, Lyndon Lea and Robert Darwent, raised $275 million in a February initial public offering. A prior vehicle, Leo Holdings Corp., last July completed a deal to take Digital Media Solutions Inc. public.</p>\n<p>Other disruptive agriculture companies including AeroFarms and AppHarvest Inc. have struck deals to go public via SPAC mergers.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Local Bounti Agrees Merger With Leo Holdings SPAC</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLocal Bounti Agrees Merger With Leo Holdings SPAC\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-06-17/local-bounti-is-said-to-agree-merger-with-leo-holdings-spac><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Transaction set to give combined entity $1.1 billion valuation\nFidelity, Cargill said to be investors in $125 million PIPE\n\nLocal Bounti Corp., an indoor agriculture startup, has agreed to go public ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-17/local-bounti-is-said-to-agree-merger-with-leo-holdings-spac\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2021-06-17/local-bounti-is-said-to-agree-merger-with-leo-holdings-spac","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144728459","content_text":"Transaction set to give combined entity $1.1 billion valuation\nFidelity, Cargill said to be investors in $125 million PIPE\n\nLocal Bounti Corp., an indoor agriculture startup, has agreed to go public through a merger with Leo Holdings III Corp., a blank-check firm, according to people with knowledge of the matter.\nThe transaction, which could be announced as soon as Friday, is set to value the combined entity at about $1.1 billion, the people said, asking not to be identified discussing a private matter. To support the deal, Leo Holdings III raised $125 million via a so-called private investment in public equity, or PIPE, from investors including Fidelity Management & Research Co. and Cargill Inc., the people said. Cargill is additionally slated to provide $200 million in debt financing, they added.\nRepresentatives for Local Bounti, based in Hamilton, Montana, Leo Holdings III and Fidelity declined to comment. A representative Cargill didn’t immediately respond to requests for comment.\nFounded in 2018 by co-CEOs Craig Hurlbert and Travis Joyner, Local Bounti focuses on the sustainable production and delivery of fresh produce. Its proprietary technology grows leafy greens such as romaine and butter lettuce and herbs like cilantro and basil using 90% less land and water than traditional agricultural methods, and without pesticides or herbicides.\nThe startup in May bolstered its leadership ranks, adding Kathleen Valiasek as chief financial officer and former Beyond Meat Inc. chief financial officer Mark Nelson to its board. At the time, the company said Valiasek would help advance its plan to more than double the size of its flagship facility in Montana and to break ground on new U.S. sites.\nLeo Holdings III, led by Lion Capital executives Ed Forst, Lyndon Lea and Robert Darwent, raised $275 million in a February initial public offering. A prior vehicle, Leo Holdings Corp., last July completed a deal to take Digital Media Solutions Inc. public.\nOther disruptive agriculture companies including AeroFarms and AppHarvest Inc. have struck deals to go public via SPAC mergers.","news_type":1},"isVote":1,"tweetType":1,"viewCount":384,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}