Merida Capital Funds VividGro
August 17, 2018
By Iris Dorbian - NEW YORK–(BUSINESS WIRE)
VividGro, a spin-out from Lighting Science Group Corporation, which is backed by Pegasus Capital Advisors, has secured an undisclosed amount of funding. The investors are Merida Capital and LSG. Based in West Warwick, Rhode Island, VividGro is a provider of controlled environment agriculture LED lighting solutions and services for the indoor horticultural and cannabis industries.
VividGro, LLC, a portfolio company of private equity firm Pegasus Capital Advisors (Pegasus), today announced it has tapped investment firm Merida Capital Partners (Merida) as its strategic partner. VividGro, a spinout from Pegasus-funded Lighting Science Group Corporation (LSG), offers products based on LSG’s origins in developing lighting for NASA and the International Space Station and currently focuses on distributing controlled environment agriculture (CEA) LED lighting solutions and services to the indoor horticultural and cannabis industries.
The Company will initially be funded by investments from LSG and Merida Capital. Merida Managing Partner Mitchell Baruchowitz will join the VividGro Board and work with VividGro CEO David Friedman, former CEO of MJIC, as well as Board Chairman and Pegasus Operating Advisor Abraham Morris, to aggressively grow VividGro, including through acquisition of innovative CEA technology and service providers.
VividGro CEO David Friedman commented, “With the rapid growth of indoor cultivation in both the indoor horticultural and cannabis industries, the need for energy efficient and ‘smart’ lighting products has multiplied. We are excited to partner with leading cannabis investor Merida Capital, and their sophisticated portfolio of ancillary companies, to help drive VividGro’s strategy of creating a world-class suite of CEA technologies and services.”
Mitchell Baruchowitz, Managing Partner of Merida, remarked, “Merida is humbled by the opportunity to partner with a seasoned investment firm such as Pegasus and top technology provider, VividGro, which has a great management team in David Friedman and Abe Morris, to execute on our shared vision of creating a connected ecosystem of leading companies to drive the indoor horticultural and cannabis industries forward.”
Addressing the partnership with Merida, Joel Haney, a Principal at Pegasus said: “With its focus on responsible investing and governance, Merida is the perfect partner for Pegasus to rely on to assist VividGro in navigating the emerging investment landscape in its core areas of growth.”
About VividGro
VividGro is a pioneer in the AgTech space. Tailored to the automation and efficiency needs of the indoor agriculture and horticultural markets, VividGro implements solutions that help growers maximize yields and reduce costs. Our state-of-the-art VividGro lighting product line delivers optimized PAR to maximize plant growth and PAR efficacy. VividGro distinguishes itself from its industry peers by helping growers learn how to use their resources more efficiently. It is not the lights you use it is how you use them.
Learn more about VividGro at www.VividGro.com and join us on social media at Facebook, Twitter, and Instagram.