BURGES Salmon has advised Eider Vertical Farming (EVF) on a £50 million investment by Slate Asset Management.
Founded in 2016, EVF develops farms growing leafy produce to be sold to the UK mass market. EVF’s products are grown in standard warehouses that are augmented to house vertical farms.
Slate’s investment, through its Cities and Communities Impact Infrastructure Strategy, will be used to fund the construction of EVF’s first five facilities by 2024. The facilities will be equipped to sustainably grow produce year round, significantly reducing wastewater, nutrient usage, and biohazard risk.
Vertical farming is a fast expanding high-efficiency renewable food production technique, with a strong pipeline of opportunities across both primary and secondary markets. The farms are ideally placed to deliver fresh, long-lasting leafy products consistently, and withstand the mounting environmental and economic pressures from inflation in transport, labour and commodity costs that have challenged the fresh produce sector. Burges Salmon is one of the few firms specialising in the vertical farming sector.
The Burges Salmon team advising on the deal was led by partner Danny Lee, alongside director Joanna Monaghan and solicitor Victoria MacAulay, all from the firm’s Corporate team.
Mike Davies of Eider Vertical Farming, says: “We’ve worked closely with Danny and the rest of the team to achieve another important milestone in the Eider journey. The Burges Salmon team’s energy and pragmatic advice has helped enormously and we look forward to working with them again.”
Danny Lee adds: “This deal was perfect for the firm given our focus on sustainable projects and our expertise in the food and drink sector. As one of the few law firms with a genuine track record in advising on the development, construction and funding of vertical farms, we look forward to assisting EVF as it works towards transforming the impact of UK businesses.”