Palo Alto, CA (PRWEB) June 18, 2014
Just as the summer drought is impacting California grown fruits and vegetables, and the move for local sustainable produce is on the rise, NGB Markets offers a procurement solution to food retailers, wholesalers, and food service professionals with the acquisition of LFS (Local Food Systems, Inc.).
“It’s fortuitous how California weather has created an opportunity for food buyers to source locally produced food on the LFS procurement platform, giving buyers all along the food supply chain access to products grown in their own backyard,” NGB President and CEO, Rock Clapper said. “LFS already has a major national food wholesaler under contract and NGB will quickly expand into regional food wholesalers and supermarket retailers”.
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. Local producers using the LFS service 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 such as dairy, seafood, meat, and poultry. 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 our sale to 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, thus speeding up their growth. It also is a terrific exit for LFS stakeholders, with great future potential for all.” said LFS President, Founder and CEO, Sam Earle.
The acquisition was completed in early June 2014, in a cash and stock transaction.