– Transaction creates new joint-venture in the North American produce industry backed by private investment firms –

– Parties intend to provide additional capital to execute a roll-up strategy of other produce assets and operations –

LAKE MARY, Fla., June 02, 2025 (GLOBE NEWSWIRE) -- Vanguard Food LP, a privately-held produce industry joint venture between Kennedy Lewis Investment Management, Sweat Equities, and Village Farms International, today announced the closing of a transaction which created a new, emerging leader in the North American produce industry.

The previously-announced transaction privatized certain assets and operations of Village Farms International’s fresh produce segment, leveraging decades of leadership in the cultivation, sales, marketing and distribution of produce with the intention of creating a premier branded CPG foods company supporting healthy lifestyles and sustainable farming practices. The Parties expect to support Vanguard with additional capital resources to execute a roll-up strategy of other North American produce brands and assets, and plan to expand product categories and offerings for customers through M&A.

Charlie Sweat, Chairman of Vanguard and Founder of Sweat Equities commented, “We are thrilled to announce the closing of this transaction, and believe we’re positioned well to capitalize on shifting consumer behavior that demands healthier alternatives to processed foods. We now have an established, proven operating team and expect to attract additional human capital as we expand our platform and execute our strategy.”

Doug Logigian, Co-Managing Partner and President of Kennedy Lewis Investment Management commented, “We are pleased to announce our participation with the closing of this transaction and see tremendous opportunity for Vanguard to deliver value for stakeholders as it expands its platform through new product development and IP innovation. We look forward to partnering with Charlie and Village Farms and to supporting Vanguard as it executes its go-forward growth strategies.”

Michael A. DeGiglio, Chief Executive Officer of Village Farms and Interim Chief Executive Officer of Vanguard Food LP commented, “Today’s announcement reflects the beginning of a new era for the legacy produce business of Village Farms, and we’re excited to begin building our shared vision for the future. This partnership makes us stronger, provides more resources to drive innovation and value for customers, and will serve as a catalyst for future growth and expansion.”

About Vanguard Food LP

Vanguard Food LP is a privately-held joint-venture between Kennedy Lewis Investment Management, Sweat Equities, and Village Farms International, Inc. which seeks to create a premier branded CPG foods company supporting healthy lifestyles and sustainable farming practices. The company owns and operates 80-acres of advanced greenhouse facilities in Texas, and through supply agreements with grower partners in the United States, Canada, and Mexico, sources and distributes fresh produce from an incremental 385-acres of greenhouse and outdoor production. The company expects to continue acquiring other produce assets and operations with the support of its private investment firm partners, and will review various products and companies across many production methods while expanding its platform.

About Kennedy Lewis Investment Management

Kennedy Lewis is a credit focused alternative asset manager founded in 2017 by David Chene and Darren Richman with over $28 billion under management across private funds, a publicly traded REIT focused on land banking, a non-exchange traded business development company, and collateralized loan obligations.

About Sweat Equities

Sweat Equities is a private equity firm focused on investments in the health and wellness area with an emphasis on consumer goods in the food and beverage space. Sweat Equities is led by founder and managing principal, Charlie Sweat, and is made up of seven funds – a primary SE Fund LP with seven portfolio companies and six SPVs (Special Purpose Vehicles) totaling approximately $100 million of invested capital. The Sweat Equities model focuses on partnering with companies that can benefit beyond capital, leveraging the added value of the Sweat Equity team and its group of Advisors specializing in executive leadership, supply chain, operations/manufacturing, finance, sales and marketing, communications, and events.

Sweat Equities Fund II targets $400 million of capital focused on larger, mid-market companies versus the more emerging company markets in its first Funds. This initial Fund II investment represents the first step in a fast and large M&A strategy to build a fresh foods platform bringing healthy, fresh foods to the market at scale.

Contact Information:
Sam Gibbons
Senior Vice President, Corporate Affairs
Phone: (407) 936-1190 ext. 328
Email: [email protected]