UPSIDE Foods is not the only party interested in the US production facility of distressed cultivated meat firm Believer Meats, according to court documents* filed in North Carolina this week.
The North Carolina Business Court has approved UPSIDE Foods’ $50 million asset purchase agreement as the baseline “stalking horse” bid, while BDO Consulting Group has been marketing the assets to see if a better offer emerges.
In a motion to extend the deadline for initial bids from July 20 to August 10, receiver Kevin Sink said that “Numerous discussions have occurred with interested parties and multiple parties have visited the facility.
“During the course of the sale process, certain interested parties have expressed concern over what they view as a condensed time frame for the sale process. After discussion with BDO, the Receiver is of the opinion that the sale process will be enhanced by the modification of certain deadlines established in the Sale Procedures Order to allow additional time for the sale process.”
The court has granted the extension and says that in the event qualifying bids come in, an auction will take place on August 17, with a sale hearing on August 20.
One of the best-funded players in the space, having raised almost $400 million from backers including ADM Ventures and Tyson Ventures, Future Meat Technologies Inc (d.b.a. Believer Meats) ceased operations in December. It was put into general receivership in early February after receiver Kevin Sink secured court approval to sell the firm’s US assets.
The sale includes Believer Meats’ $150 million Wilson, North Carolina production facility and related assets including bioreactors, media and process tanks, centrifuges, freezing systems, wastewater systems, automation and production-control systems plus some intangible assets such as permits and licenses. It excludes selected kit leased by CSC Leasing and Roberts Oxygen Company.
Intellectual property
Yoel Freilich, the Israeli trustee tasked with selling Believer Meats’ IP, has also extended the deadline for bids from July 22 to August 5 due to “vast interest shown in the technology from cultivated meat companies, investment funds, and other entities, and the complexity of the due diligence process.”
Freilich is working closely with Kevin Sink but would not say whether any bidders for the facility are also interested in the firm’s IP.
According to a flyer shared by Freilich, Believer Meats’ “value is the technology and know-how in practical scale-up of cultivated-meat production: cell lines, media logic, bioreactor operation, perfusion strategy, centrifuge integration, automation recipes, harvest/wash procedures, and process data generated through Israeli pilot-scale development and transferred into large-facility design.”
Gray Construction and Ameris Bank first in line for proceeds
In a lawsuit filed by Gray Construction last year, Gray alleged it was owed $36.4 million for design and construction work on the North Carolina facility. Ameris Bank is also a senior secured lender, having provided a $25 million term loan backed by a first-priority security interest in Believer’s bank accounts, machinery, and equipment.
Other secured parties listed in court filings include Robert Reiser and Company, Leaf Capital Funding, ADM Ventures Investment Corp, GEA Systems North America, and GEA Mechanical Equipment US.
*The case is Gray Construction Inc d.b.a. James N Gray Company (plaintiff) vs Future Meat Technologies Inc d.b.a. Believer Meats (defendant) and Meris Bank (intervenor/plaintiff) in North Carolina Business Court, a specialized division of the state’s Superior Court system. Case: 2025-CV-S5578
Further reading:
Believer Meats trustee sets August 5 deadline for cultivated meat IP auction
US receiver to liquidate Believer Meats’ factory and assets as Israeli trustee ringfences IP
