We advised Mastronardi Produce on the transaction

Davis Polk advised an affiliate of Mastronardi Produce Limited in connection with its joint venture with COFRA Holding AG, on the joint venture’s $127 million acquisition of a high-tech controlled environment agriculture facility located in Berea, Kentucky, from an affiliate of AppHarvest, Inc., and the immediate leaseback of the same facility.

Mastronardi Produce Limited is a leading greenhouse grower and marketer of gourmet fruits and vegetables in North America. Mastronardi grows and markets nationally recognized products under the SUNSET brand, including Campari, Flavor Bombs and Angel Sweet tomatoes.

COFRA Holding AG is a privately held group of companies wholly owned by the Brenninkmeijer family and active in business sectors including apparel retail (C&A), real estate investment (Redevco), sustainable food (Dalsem and Ontario Plants), renewable energy (Sunrock), private equity (Bregal) and asset management (Anthos Fund & Asset Management).

AppHarvest, Inc. is an applied technology company developing and operating some of the world’s largest high-tech indoor farms.

The Davis Polk real estate team included partner Brian D. Hirsch, counsel Lawrence R. Plotkin and associate Edward Peck. The corporate team included partner Leonard Kreynin and associate Daisy Wu. Partner Eli J. Vonnegut and associates Jonah A. Peppiatt and Hailey W. Klabo provided restructuring advice. The tax team included partner Ethan R. Goldman and associate Dmitry Dobrovolskiy. Partner Howard Shelanski provided antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.