Farmcrowdy acquires Best Foods L&P Ltd one of the largest meat processors in Nigeria
Agtech plans to launch Retail Meat Hubs across Nigeria in Q2 2020
Agtech company, Farmcrowdy has announced the acquisition of Best Foods (L&P).
This acquisition will see Farmcrowdy offer a wider livestock production and processing solution to the meat market.
The acquisition will also see the agtech company owning majority stakes in Best Foods L&P Limited including its assets, team and customer contracts to supply meat across Nigeria.
As an agribusiness group for more than 16 years, Best Foods has focused on the processing of livestock (Best Food Livestock and Poultry), farming (Best Food Fresh Farms), and marketing of agricultural produce (Naijapride – wholesaler/ Best Food dairy and multi-concepts – retailer).
The company was founded to make healthy livestock and agricultural produce grown in Nigeria available at affordable prices within and outside the country.
Having demonstrated the capacity to process 120 – 200 bulls every day. Best Foods has been credited as one of the largest meat processors in Lagos, Nigeria.
Following this new acquisition, Best Foods L&P Limited will provide Farmcrowdy the opportunity to;
- continue growing its livestock value chain with an improved process for livestock production
- processing to reach the desired high standards fit for local consumption and export were necessary.
Following this expansion, Farmcrowdy will become the most preferred source of processed livestock across Nigeria commencing from Lagos.
The expanded business will also serve more than 50 meat markets (including beef and poultry) across the south-western zone in Nigeria and will manage over 100 consumer endpoints.
With a proven track record of leveraging technology to agriculture, this acquisition will see Farmcrowdy enter the meat retail market launching Farmcrowdy Meat Hubs across Lagos in the second quarter of 2020 to make quality meat available and traded by Farmcrowdy for daily consumption leveraging Technology.
Speaking on the new acquisition, Kenneth Obiajulu, Managing Director of Farmcrowdy, said “Best Foods offers an exciting opportunity for Farmcrowdy to strengthen and expand its service offering in livestock production, processing, and supply”
“With a range of high profile clients, the acquisition supports Farmcrowdy’s strategy to lead the market and meet the requirements necessary to process approximately 45 cattle every day for meat consumption in Lagos.”, Obiajulu stressed
Also speaking on the new development, Emmanuel Ijewere, Founder of Best Foods, commented, “This deal with Farmcrowdy is a welcome development for us as it provides a major growth opportunity for both businesses. We are excited about the many possibilities.”
Ijewere will be coming on the advisory board of Farmcrowdy as a member of the advisory as a member.
Onyeka Akumah, Founder & CEO of Farmcrowdy also commented: “Farmcrowdy is Nigeria’s leading Agtech company using technology to change the way people invest in Agriculture then grow the food they eat.
Today, this acquisition of Best Foods L&P Limited is a major milestone for the entire team knowing that we only launched Farmcrowdy 3 years ago with a bunch of 20 & 30-year-olds.
I grew up learning about the impact Best Foods and Mr. Ijewere had in the Agriculture space in Nigeria and we are absolutely delighted to welcome him to the Board of Farmcrowdy as we continue to grow this space together”.
Expect more collaborations and deals like this to grow the Agriculture sector but more importantly for us in Farmcrowdy, we are happy to now make plans to launch our Farmcrowdy meat hubs where every day people can sponsor livestock farms on Farmcrowdy.
We manage the farms until harvest and finally, same people can now order for the meat they sponsored at our meat hubs for consumption. We are completing the full-cycle for livestock on our platform”. Onyeka concluded
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