Clearwater International advises David Ball, the former owner and CEO of Bridge Farm and current partner at Artemis Growth Partners, on the acquisition of the business from Sundial Growers
Clearwater International has advised David Ball, current partner at Artemis Growth Partners and the former owner and CEO of Bridge Farm Group (Bridge Farm or the Company), one of the UK’s leading growers of ornamental plants, flowers and herbs, on the acquisition of the business from Sundial Growers UK Ltd (Sundial), a subsidiary of Sundial Growers Inc, supported by Artemis Growth Partners (Artemis) for a total transaction value of €74m ($81m). Bridge Farm Group also has home office licences for the cultivation of cannabis.
The transaction ranks as the largest European M&A transaction in 2020 for cannabis and cannabis-related companies and represents the largest M&A transaction of 2020 in Europe for the horticulture and farming industry.
Established over 30 years ago, Bridge Farm, which includes the Neame Lea and Zyon brands within its portfolio, specialises in growing ornamental plants, flowers and herbs. The company has a workforce of over 500 employees at peak times across five locations and sells more than 80 million units per year to retailers. Bridge Farm operates at the leading edge of environmental production with over two million square feet of the most technologically advanced, automated glasshouse production in Europe.
The investment in Bridge Farm represents a major commitment of Artemis to the emerging UK cannabis market and further expands the group’s portfolio of European and global investments. Bridge Farm will become a portfolio company of Artemis, and David Ball will re-join Bridge Farm as director of and advisor to the Company.
Bridge Farm will join the Artemis portfolio which includes such industry-leading European companies as Aureum, CBVIT, NOBL Group, and PhytoPūr Bio, as well as US and international players such as Green Thumb Inc., Central Coast Agriculture/Raw Garden, Kiva Confections, Clever Leaves, Medcolcanna, Flow Kana, Caliva, Pax, FLOWER CO., iCAN, Think BIG, Phylos, Jacana, and PlantPeople.
The acquisition of Bridge Farm is the second transaction involving Clearwater International within the last 12 months - in 2019 Clearwater advised Bridge Farm on its sale to Sundial.