The acquisition, according to the company will see Farmcrowdy owning majority stakes in Best Foods L&P, including its assets, team and customer contracts to supply meat across the country.
Best Foods is an agribusiness group of over 16 years 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).
Managing Director of Farmcrowdy, Kenneth Obiajulu said 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.
“Best Foods offers an exciting opportunity for Farmcrowdy to strengthen and expand its service offering in livestock production, processing, and supply,” he said.
Founder of Best Foods, Emmanuel Ijewere, who will be joining Farmcrowdy as a member of the advisory board, said the deal is a welcome development, as it provides a major growth opportunity for both businesses. “We are excited about the many possibilities.”
Founder & CEO of Farmcrowdy, Onyeka Akumah, said: “This acquisition is a major milestone for the entire team knowing that we only launched Farmcrowdy three 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.”