Final cut: UPSIDE Foods submits $50M bid for Believer Meats assets
In California, UPSIDE Foods has submitted a $50 million stalking horse bid to acquire key U.S. assets of bankrupt cultivated meat company Believer Meats, according to North Carolina court filings. Believer Meats, formerly Future Meat Technologies, shut down operations last year and entered receivership after raising nearly $400 million from investors including major food industry backers. The company’s U.S. assets include its large production facility in Wilson, North Carolina, along with bioreactors, processing systems, and supporting infrastructure used for cultivated protein production.
UPSIDE’s offer sets the floor for a court-supervised sale process, with competing bids due by July 20. If higher qualifying offers emerge, an auction will take place on July 28, followed by a final approval hearing on July 30. Any rival bid must exceed $52.25 million once fees are included. The $150-million facility has passed regulatory inspections and is being marketed with the help of restructuring advisors as additional buyers are sought.
Category: Chemicals & Materials
