Nigerian agritech startup, Farmcrowdy, has moved to acquire Best Foods L&P Limited for an undisclosed amount. This move will grant Farmcrowdy majority stake in Best Foods L&P Limited including its assets, team and customer contracts to supply meat across the country.
Plans to provide quality meat for consumers launch retail meat hubs across Lagos in the second quarter of 2020
The acquisition of Best Foods L&P Limited will also enable Farmcrowdy offer a wider livestock production and processing solution to Nigeria’s meat market, where 360,000 tonnes of beef are consumed each year according to the Nigerian government.
Emmanuel Ijewere, founder of Best Foods, who will be joining Farmcrowdy as a member of the advisory board said, “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.”
Best Foods L&P Limited is credited as one of the largest meat processors in Lagos with a capacity to process up to 200 bulls daily and is best known for these ventures – Best Food Livestock and Poultry, Best Food Fresh Farms, and Naijapride.
Kenneth Obiajulu, Farmcrowdy’s managing director, added that, “Acquiring Best Foods was done so we could process more safe meat and get it across to more people. Unlike the kind of meat present in most Lagos abattoirs, you can’t guarantee if the meat they sell is safe for consumption.
“However, we have a meat hygiene certificate from the state government which means that every meat that comes from Farmcrowdy has been processed under hygienic consumption and is safe for consumption.”
Plans to launch retail meat hubs across Lagos in the second quarter of 2020
Speaking on the plans to launch retail meat hubs across Lagos in 2020-second quarter, Onyeka Akumah, Farmcrowdy’s founder and CEO, said, “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.”
Farmcrowdy was founded in 2016 with the mission to provide a platform that gives Nigerians the opportunity to participate in Agriculture through technology. The digital crowd-funded agriculture platform announced during its $1 million additional seed round last year that it planned to help achieve food security in Africa.