April 2, 2024

By Lynda Kiernan-Stone, Global AgInvesting Media

Cox Enterprises announced the launch of Cox Farms, a new business focused on sustainable food and agriculture that includes indoor farming companies Mucci Farms and BrightFarms, making it one of the largest greenhouse growers in North America.

Started 125 years ago by James M. Cox, Cox Enterprises is a family-owned business that today is pioneering the food supply chain revolution by developing a multinational network of indoor farms. And with Mucci Farms and BrightFarms in its portfolio, Cox Farms is one of the largest greenhouse operations in North America, harvesting 360 million pounds of produce per year. 

Cox stated that Cox Farms enhances its more than $2 billion in investments that have been made in sustainable businesses and technologies, adding that the business will continue to pursue additional ventures and investments in the indoor ag space. 

“We are excited to build and scale a better future for farmers and consumers by ensuring a safe, secure and sustainable food supply, regardless of calendar or climate,” said Steve Bradley, president, Cox Farms. “This is a significant milestone for us, as we are disrupting traditional agriculture and bringing the promise of indoor agriculture to fruition at a scale never seen before.”

As climate change intensifies, population numbers climb, and arable land shrinks, threats to traditional agriculture mount. Some threats are sudden and unpredictable, such as COVID-19, which left traditional farms and traditional supply chains unable to adjust to a new reality.

With anticipated revenues approaching $1 billion and a workforce numbering 2,500, the enterprise is re-imaging agriculture, achieving stable greenhouse production conditions with a higher yield per acre without the use of harmful chemicals or pesticides. 

Cox Farms explained that the business takes a triple-bottom line philosophy geared to improve the planet, elevate human health, and ensure robust financial returns, while it sets new standards in quality and breaks yield records year-round. 

“As multigenerational family businesses rooted in a passion for growing fresh produce, we are thrilled to be part of the Cox Farms family as we embark on a partnership fueled by shared values and a collective vision for the future of farming,” said Bert Mucci, CEO and managing partner, Mucci Farms. 

“Our mutual drive to innovate in the agriculture space at all levels fuels our mission to enhance accessibility and promote the consumption of clean, sustainable fruits and vegetables.”

Steve Platt, CEO of BrightFarms, added, “BrightFarms is pioneering the future of sustainable agriculture with our advanced indoor farming methods, focusing on producing the freshest, most sustainable leafy greens locally.”

Cox Enterprises led a $100 million Series E for BrightFarms in October 2020, and later fully acquired the company in 2021, representing the first time that an indoor farming company was fully acquired.

At the time, GAI News was told that Cox was intent on investing hundreds of millions of dollars to fund the immediate short-term expansion plan of reaching 150 acres of greenhouses, having the resources of a $20 billion private company to source the necessary capital needed to make BrightFarms a well-known brand in supermarkets around the country.

“Together, we are poised to accelerate and expand our mission,” said Platt, “leveraging shared resources and vision to build operation capacity that will make healthy, locally-grown food more accessible while caring for our planet.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and Agtech Intel News. She can be reached at lkiernan-stone@globalaginvesting.com.

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