Farmcrowdy, Nigerian digital agriculture platform, has acquired majority stake in meat processing company Best Foods for an undisclosed price to offer the market with broader livestock production and processing solutions.
Best Foods, which offers wholesome livestock and domestically grown agricultural produce, is among the largest meat processors in Nigeria with a daily processing capacity of 120-200 bulls.
Emmanuel Ijewere – Founder of Best Foods 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.”
Through the transaction, Farmcrowdy will grow its meat value chain with better livestock production and processing to comply with international standards. The Nigerian digital agriculture platform also expects to become the preferred source of processed meat in Nigeria, beginning with Lagos.
Farmcrowdy caters to more than 50 meat markets in South-Western Nigeria, managing more than 100 consumer endpoints.
According to Farmcrowdy Founder and CEO Onyeka Akumah, the AgTech platform is set to foray into the meat retail market through the launch of Farmcrowdy Meat Hubs in the second quarter of this year to offer access to quality meat by the technology, produced and traded by the Nigerian digital agriculture platform.
Kenneth Obiajulu – Managing Director of Farmcrowdy said: “Best Foods offers an exciting opportunity for Farmcrowdy to enhance its service in livestock production, processing, and supply.
“The acquisition supports Farmcrowdy’s strategy to lead the market and meet necessary requirements to increase our supply of 45 cattle daily for consumption.”