Houweling’s Group and Equilibrium have partnered to invest in modernizing Houweling’s existing facilities in California, expanding the production capacity at their Utah facility, and accelerating the company’s growth.
“We had been seeking a strategic equity partner for the past few years recognizing the need for outside capital to react to growing customer demand for fresh, safe and 365 day-a-year production” said Kevin Doran, President and CEO of Houweling’s. “By partnering with Equilibrium, who bring a deep understanding of the greenhouse and agriculture sectors, we expect to unlock the full potential of our company.”
“We see a tremendous opportunity in the future of controlled environment agriculture and foods,” said Dave Chen, Chairman of Equilibrium. “By partnering with top high tech greenhouse operators, such as the Houweling’s Group, we plan to grow with the demand in the sector. We have spent the last few years getting to know the management team. We are impressed with the strength of their direct-to-retail business and brand they have built over the last 20 years in the United States.”
“What attracted us to Houweling’s,” Chen continues, “is their innovations in sustainability to create operational advantages, and environmental/climate action impact. Their state of the art greenhouse in Utah captures waste heat and CO2 from the neighboring power plant, reducing the amount of fossil fuels consumed compared to a traditional greenhouse operation, and recycling CO2 that would otherwise enter the atmosphere. This is exactly the kind of economic and sustainability impact we look for in our strategies.”
“The waste heat and CO2 from the adjacent power plant is sufficient to support a greenhouse twice the size of what we have now” said Doran. “With Equilibrium, we can realize the economies of scale from a second 30-acre phase, planned to commence construction in 2019. The expansion will provide further economic development for the neighboring communities and allow the company to expand the locally grown product mix available to our customers from that greenhouse.”
For more information:
Houweling's Tomatoes
645 West Laguna Rd.
Camarillo, CA, 93012
T: 805.271.5105
F: 805.271.5107
www.houwelings.com
Equilibrium
971-352-8430
info@eq-cap.com
eq-cap.com