Key Takeaways
- • Private equity-owned Bolthouse Fresh Foods and Grimmway Farms together control three of every four carrots sold in the U.S., according to WSB-TV's reporting, and a Forbes analysis cited in the piece found carrot prices rose 40 percent since their acquisitions of carrot farms.
- • Channel 2 Investigates tied three LLCs that bought more than 5,600 acres of Mitchell County, Georgia farmland, mainly pecan groves, to the Atlanta office of PGIM, which lists $11 billion in agriculture assets.
- • Georgia Agriculture Commissioner Tyler Harper warned that controlling a significant share of a commodity gives firms the ability to control prices, and state lawmakers are exploring protections for family farms.
- • PGIM declined to comment, while Grimmway and Bolthouse both said they support affordable food and farming families.
Summary
WSB-TV Channel 2 Consumer Investigator Justin Gray reports that private equity investment in Georgia farmland and food supply chains is drawing scrutiny from state leaders. Using county property tax records and Georgia Department of Revenue data across every county, the station found millions of dollars spent adding Georgia farmland to the holdings of international investment groups.
In carrots, the piece identifies Bolthouse Fresh Foods and Grimmway Farms as both privately equity-owned. Bolthouse operates a south Georgia carrot processing plant that previously was run by Grimmway. According to the report, the two companies together control three of every four carrots sold nationally. A Forbes analysis cited in the story found carrot prices rose 40 percent in the period since the firms acquired carrot farms. Grimmway's vice president of corporate affairs, Dana Brennan, said the company keeps healthy food affordable and noted that carrot prices have historically been stable compared with other produce. Bolthouse's Kim St. George said the company contracts with local Georgia farming families and that its success is tied to theirs.
In Mitchell County, one of Georgia's top farming counties, tax records show three LLCs bought more than 5,600 acres, mainly pecan groves, an area the station said is roughly the size of Downtown and Midtown Atlanta combined. All three LLCs listed their office address at PGIM's Atlanta office, and officers on state business registration filings are top agriculture executives at PGIM's agriculture investments arm. PGIM declined to comment; its website indicates $11 billion invested in agriculture assets, spanning farm properties and agribusiness debt.
State officials and farm operators voiced concern. Agriculture Commissioner Tyler Harper said agriculture should not be a profit center for private equity and argued such owners prioritize shareholder returns over product quality. State Senator Russ Goodman, chair of the state Senate agriculture committee and a blueberry grower, warned that private equity return expectations would push food prices higher. Griffin Alexander of Alexander Produce said the consumer is most affected. Lawmakers and Harper are working on measures to protect family farms and keep consumer costs down.
In carrots, the piece identifies Bolthouse Fresh Foods and Grimmway Farms as both privately equity-owned. Bolthouse operates a south Georgia carrot processing plant that previously was run by Grimmway. According to the report, the two companies together control three of every four carrots sold nationally. A Forbes analysis cited in the story found carrot prices rose 40 percent in the period since the firms acquired carrot farms. Grimmway's vice president of corporate affairs, Dana Brennan, said the company keeps healthy food affordable and noted that carrot prices have historically been stable compared with other produce. Bolthouse's Kim St. George said the company contracts with local Georgia farming families and that its success is tied to theirs.
In Mitchell County, one of Georgia's top farming counties, tax records show three LLCs bought more than 5,600 acres, mainly pecan groves, an area the station said is roughly the size of Downtown and Midtown Atlanta combined. All three LLCs listed their office address at PGIM's Atlanta office, and officers on state business registration filings are top agriculture executives at PGIM's agriculture investments arm. PGIM declined to comment; its website indicates $11 billion invested in agriculture assets, spanning farm properties and agribusiness debt.
State officials and farm operators voiced concern. Agriculture Commissioner Tyler Harper said agriculture should not be a profit center for private equity and argued such owners prioritize shareholder returns over product quality. State Senator Russ Goodman, chair of the state Senate agriculture committee and a blueberry grower, warned that private equity return expectations would push food prices higher. Griffin Alexander of Alexander Produce said the consumer is most affected. Lawmakers and Harper are working on measures to protect family farms and keep consumer costs down.
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