LAGOS, Nigeria — Farmcrowdy on Feb. 17 announced the acquisition of Best Foods (L&P) Limited to offer wider livestock production and processing solutions to the market. Farmcrowdy now owns majority stakes in Best Foods (L&P) which provides livestock and locally-grown agricultural produce at affordable prices. It is one of the largest meat processors in Nigeria with the capacity to process 120 - 200 bulls daily.
With this acquisition, Farmcrowdy will keep growing its meat value chain with improved livestock production and processing to meet international standards. Farmcrowdy will also become the preferred source of processed meat across Nigeria starting with Lagos. The company will serve over 50 meat markets across South-Western Nigeria, managing 100+ consumer endpoints.
According to Onyeka Akumah, Founder and CEO of Farmcrowdy, the AgTech platform is set to enter the meat retail market with the launch of Farmcrowdy Meat Hubs in Q2 2020 to provide access to quality meat via technology, produced and traded by Farmcrowdy.
"Best Foods offers an exciting opportunity for Farmcrowdy to enhance its service in livestock production, processing, and supply," explains Kenneth Obiajulu, Managing Director of Farmcrowdy. "The acquisition supports Farmcrowdy's strategy to lead the market and meet necessary requirements to increase our supply of 45 cattle daily for consumption."
Emmanuel Ijewere, Founder of Best Foods, said, "This deal with Farmcrowdy is a welcome development for us as it provides a major growth opportunity for both businesses. We are excited about the many possibilities." Ijewere will be joining Farmcrowdy as a member of the advisory board.
Farmcrowdy is Nigeria's first digital agriculture platform that connects small scale farmers with smart farming techniques, quality farm inputs, and access to superior markets to earn a decent profit margin compared to profit earned from trading within their locality.