Local Bounti completed the acquisition of Pete's for $123m.

Local Bounti, an indoor agriculture company, completed the acquisition of Pete's, an indoor farming company, for $123m. "The combination of Pete's operational scale and retail distribution footprint with our market-leading unit-level economics creates immediate value for our employees, customers, partners, and shareholders. This acquisition is immediately accretive and opens the door for further margin expansion as we implement our proprietary Stack & Flow Technology into Pete's facilities and unlock additional operational synergies. Combined, this platform is well-positioned to take on the rapidly expanding controlled environment agriculture produce market, which is expected to reach $30bn in the US by 2025, and generate accelerated returns on invested capital," Craig Hurlbert, Local Bounti Co-CEO.