Village Farms to privatize Fresh Produce segment; gets $40M cash, 37.9% stake

Village Farms International, Inc.

Village Farms enters definitive agreement to privatize certain Fresh Produce assets (Marfa II, Fort Davis greenhouses, IP, distribution) into new company Vanguard.
VFF receives $40M cash and 37.9% equity stake in Vanguard; expects close in Q2 2025.
VFF retains Canadian cannabis greenhouses (Delta 1-3) and Texas Monahans and Marfa I facilities for future cannabis optionality.
Charlie Sweat (ex-CEO Earthbound Farm) named Chairman of Vanguard; Michael DeGiglio to serve as interim CEO until permanent replacement.
Vanguard plans M&A roll-up strategy to create branded CPG produce company; VFF will supply produce from Delta 1 greenhouse under multi-year agreements.

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