AeroFarms, one of the best-known names in vertical farming and the leading U.S. supplier of fresh microgreens, has been acquired by an affiliate of Palm Ventures in a deal aimed at stabilizing the business and supporting long-term growth following a turbulent period marked by bankruptcy, investor withdrawals and operational uncertainty.

The transaction closed in April 2026, according to an announcement released June 11. Financial terms were not disclosed.

The acquisition “significantly reduces” AeroFarms’ debt burden and brings new leadership to the company. Gustavo Burger, whose previous experience includes senior roles with Kraft Heinz and Anheuser-Busch InBev, joined AeroFarms as chief executive officer in April.

Palm Ventures said its investment was driven by confidence in AeroFarms’ aeroponic growing technology, its position in the growing microgreens market and increasing consumer demand for nutrient-dense foods.

“AeroFarms is exactly the kind of mission-driven company we bring our intellectual, relational, and financial capital to; a disciplined business with first-class retail customers, superior technology, and a mission that matters,” said Bradley Palmer, chairman and founder of Palm Ventures. “Gustavo Burger brings decades of world-class experience… AeroFarms is ready for what’s next.”

The deal marks a dramatic turnaround for AeroFarms, which has faced repeated financial challenges in recent years.

The company filed for Chapter 11 bankruptcy protection in 2023 before emerging later that year under new ownership. More recently, AeroFarms appeared to be on the brink of shutting down entirely after its largest investor unexpectedly withdrew financial support in late 2025.

In December 2025, the company issued a Worker Adjustment and Retraining Notification (WARN) notice announcing plans to close its Danville, Virginia, facility and terminate all 173 employees, including senior executives. AeroFarms said at the time that efforts to secure replacement financing had failed after the investor’s withdrawal.

Just days later, however, the company announced it had secured emergency funding from an existing stakeholder, allowing operations to continue while it explored strategic alternatives.

The identity of that stakeholder was not disclosed, but the funding enabled AeroFarms to avoid an immediate shutdown and continue supplying microgreens to retail customers.

Burger said the Palm Ventures acquisition provides a foundation for rebuilding and expanding the business.

“AeroFarms is built on the most advanced aeroponic platform in the food industry, a category-defining product, and retail partnerships with the best names in the business,” he said. “My focus is to build on that foundation with the operational rigor it deserves, and create a business that performs as well as its products. We are grateful to our employees, customers, and the local Virginia community for their support in reaching this new chapter.”

AeroFarms currently supplies microgreens to approximately 2,000 retail locations across the United States. The company grows its products indoors without soil or pesticides using its proprietary aeroponic system and remains a Certified B Corporation.

Founded in 1992, Palm Ventures invests family capital in mission-driven businesses across multiple sectors. The firm said it plans to support AeroFarms’ growth while maintaining its sustainability-focused mission and strengthening customer relationships.

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