Palo Alto, CA – In another move to better streamline the buying and selling of food products by retail, wholesale, and food service professionals, NGB Markets, Inc. is pleased to announce the company is in the process of acquiring LFS (Local Food Systems, Inc.).
“This opportunity comes at a time when NGB is accelerating customer acquisition and the LFS procurement platform and customer profiles dovetail perfectly with NGB’s business model”, NGB President and CEO, Rock Clapper said. “The bottom line of the acquisition is to add value to the food procurement and sales process for our customers without disrupting their long standing business relationships and practices”.
LFS has developed an electronic platform that allows buyers to indicate the type, number of units, and required timeframe of products they need and indicate a preferred price. LFS producers receive alerts online or via a mobile app so that they may quickly respond to the buyer, to inform them of how much of the order they can fulfill. The LFS service allows food wholesalers, retailers, and others to satisfy the growing consumer sentiment for locally produced food – and is expandable to any product NGB customers procure. Combining the LFS service with NGB’s QuoteMatrix platform, an online service that aggregates vendor price quotes for buyers as well as electronic purchase order submission, buyers and sellers will benefit from end to end online price quotes, ordering, and market data.
“LFS couldn’t be happier about combining forces with NGB. We’d been looking at them for a long time, and saw a partnership coming that benefitted us both. Their approach to finding simple market driven solutions provides a powerful platform for layering new industry specific ecommerce tools. NGB is positioned well for success, and LFS’s relationships and order management software is the perfect platform to quickly add value to NGB.” said LFS President and CEO, Sam Earle.
The deal is expected to complete by end of Q1 2014, in a cash and stock transaction, pending due diligence and Board approval.
Source: NGB Markets
