Revol Greens, a grower and supplier of lettuce and other greens, has sold its greenhouse in Medford to Equilibrium Capital Sustainable Investment for $11.286 million. The move will actually allow Revol Greens to grow, as it will use the sale funds to lease back the space and then expand it.
Brendon Krieg, Revol Greens sales manager and a partner of the company, says the project plans are not yet finalized, but the idea is to at least double the size of the greenhouse, which is currently about 132,400 square feet in size.
“We always knew to expand quickly, we would need to go to a nontraditional financing method,” says Krieg, “so I think we knew as soon as we went beyond the current size, we would need to look at alternatives.”
The investment firm linked to the deal, Equilibrium Capital, is based in Portland, Oregon and specifically targets sustainability-focused companies.
The transaction will not impact Revol Greens management or other employees, notes Krieg. In fact, once the project is complete, the company expects to hire more, though no new employee number has yet been determined.
Revol Green’s growth move comes amid a business boon fueled by the nationwide romaine lettuce recall that unfolded in late November.
While many local businesses struggled through it because their suppliers were involved in the recall, Revol Green’s products were deemed safe from any threat, and thus, the company saw increased demand.
“We had an immediate spike in sales, and even since then, with other product back on the market, we’ve seen higher demand,” says Krieg. “I think people are looking for greenhouse-grown local product that they know is safe and grown with different methods than open-field production.”
Details of the Equilibrium Capital-Revol Greens sale are still being worked out, but Krieg says the expansion project is expected to begin this spring.