Village Farms completes produce business contribution to Vanguard for $40M cash and 37.9% stake

Village Farms International, Inc.

Received $40M cash ($5M escrowed) and 37.9% equity in Vanguard Food LP; investors contributed $55M.
Pro forma net loss improved to $3.3M (Q1 2025), $32.2M (FY2024), $31.5M (FY2023) vs historical losses.
Vanguard board: Charlie Sweat (Exec Chair), Michael DeGiglio (Interim CEO), Steve Ruffini; 5-member board.
Retains 60-acre Delta 1 greenhouse in Canada; enters multi-year supply agreement with Vanguard.
Transaction proceeds used to repay $5M revolver and $3M term loan; reduces ongoing interest expense.

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