Vertical farming company Growcer has won the bid to acquire the assets of Freight Farms, a U.S.-based company that ceased operations earlier this year.

Growcer, based in Ottawa, Canada, offers a similar type of container-based vertical farm system. The company builds modular vertical farms in shipping containers, operating around 125 of these across Canada, along with a few in the U.S.

“A few months ago, one of our top competitors filed bankruptcy and the Growcer team sprung into action to help their community of farmers keep growing,” says Corey Ellis, co-founder and CEO of Growcer. “One of the options we explored was throwing our hat into the ring to purchase substantially all of the company’s assets. We rallied a group of key partners, and I’m thrilled to say that we were able to make it happen.”

Founded in 2012, Freight Farms debuted the first vertical hydroponic farm built inside an intermodal shipping container. It operated in all 50 U.S. states and in other countries around the world. But the Boston-based company ceased operations and filed for Chapter 7 bankruptcy on April 30 of this year. The bankruptcy filing resulted in the shutdown of the business, with support services ended, and core software platforms decommissioned.

“This is a strategic move for Growcer, and a huge milestone for our business,” says Ellis. “This acquisition combines our expertise in launching and sustaining hyper-local food projects, together with Freight Farms’ global reach in more than 500 locations – including top institutions and community organizations around the world.”

Growcer will acquire all of Freight Farms’ assets, which includes intellectual property, customer lists, and physical inventory, in a $2.6 million transaction expected to close by end of July 2025.