Aspire Food Group's London Facility Sold to Halali Group
Aspire Food Group, a struggling insect agriculture firm, has found a buyer. Halali Group Holdings will acquire the company's assets, including its London, Ontario facility, in a deal approved by the Ontario Superior Court of Justice. The sale comes after Aspire faced difficulties paying operating expenses, with Farm Credit Canada owed about CAD$44.1 million.
Aspire's 150,000 sq ft facility in London did not meet expectations, operating below full capacity due to geographical and environmental differences, changes in growth and harvest methods, and equipment issues. The company's co-founder and CEO, David Rosenberg, who also co-founded vertical farming startup AeroFarms, will step down but remain involved in an advisory role.
FTI Consulting, the receiver, received an unsolicited expression of interest from Halali Group Holdings. The court deemed this the 'best available option' for the sale of Aspire's assets. The asset purchase agreement, signed on August 28, includes the London facility, equipment, intellectual property, books and records, and certain contract assignments. Halali Group, with interests in commercial real estate and food and beverage manufacturing, plans to explore opportunities to source a commercial tenant for the facility, potentially for the insect agriculture business. The new owners also intend to build back production in one part of the facility in early 2026, focusing on undisclosed 'high-value niches' while operating at low volumes.
The sale of Aspire's assets to Halali Group Holdings allows for the continuation of insect agriculture in the London facility. While the specific plans for the facility remain unclear, the new owners' intention to explore commercial tenancy and rebuild production in early 2026 signals a commitment to the site's future. The deal brings closure to Aspire's struggles and opens new possibilities for the insect agriculture industry in the region.
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