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CAN (ON): Affinor Growers licensee to build 45,000 sq.ft. vertical farmAffinor Growers' exclusive license holder of the province of Ontario, Urban Vertical Farms, has signed and accepted a term sheet for $6 million in equity from Zygoz Equity Partners.
The agreement was signed April 11th 2018, all funding will come from Zygoz Equity Partners in exchange for a 20% stake in Urban Vertical Farms, and will commence building in Ontario this summer. The facility will be approximately 45,000 square feet and will begin with sixty 10 level vertical towers capable of producing an estimated $ 300,000 gross monthly revenue at roughly 35% net margin.
Urban Vertical Farms plans to grow the business with Zygoz Equity Partners through further licencing and expansion as demand continues to rise around the world. Affinor Growers is expected to receive a purchase order for approximately $1.2 million in late Aug 2018 for 60 rotating vertical towers slated for the project that will complete before end of 2018.
Brian Harris, Managing Partner at ZEP says, “UVF is a perfect example the type of Company we want to invest in. It has assembled an impressive management team for the business, field tested the system and has clients for its products already lined up. It will cash flow from day one, has great margins with huge demand in Ontario alone. On top of that UVF is in discussions with Affinor Growers to expand the licencing as the operations grow – something that our international partners like to see. And because we will have a sizeable 20% equity position in the business, we intend to scale the business quickly to take full advantage of the market opportunity.”
Jerry Stefaniuk, CEO Urban Vertical Farms: "I am very pleased working with Zygoz Equity Partners to begin the quest for vertical farming in Ontario, I believe this is the future of farming and am excited to be in the forefront as a pioneer assisting the world with clean safe sustainable food production for the world."
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Publication date: 4/13/2018
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