UPSIDE Foods bids US$50 million for Believer Meats' North Carolina facility

UPSIDE Foods has submitted a US$50 million stalking horse bid to acquire the US production assets of Believer Meats, including its large-scale cultivated meat facility in Wilson, North Carolina, as part of a court-supervised receivership process. If successful, the deal would significantly expand UPSIDE Foods' manufacturing footprint and give new life to one of the industry's largest production sites.

• UPSIDE Foods has submitted a US$50 million stalking horse bid for Believer Meats' US production assets.
• The sale includes the Wilson, North Carolina facility, equipment, permits and selected intangible assets.
• Competing bids are due by July 20, with an auction scheduled for July 28 if higher offers are received.

The proposed acquisition was revealed in North Carolina court filings first reported by AgFunderNews. The North Carolina Business Court approved UPSIDE Foods' asset purchase agreement as the stalking horse bid on June 2, establishing a minimum purchase price while allowing the receiver, BDO Consulting Group, to continue seeking higher offers.

Under the court-approved process, any competing bidder must submit an offer exceeding US$52.25 million to account for breakup fees and associated expenses. If qualifying bids are received by the July 20 deadline, an auction will be held on July 28, followed by a sale hearing on July 30.

The package includes Believer Meats' Wilson production facility together with bioreactors, media and process tanks, centrifuges, freezing systems, wastewater infrastructure, automation and production control systems, plus selected intangible assets such as permits and licenses.

However, the transaction excludes equipment leased through CSC Leasing and Roberts Oxygen Company, as well as intellectual property owned, licensed or sublicensed by Future Meat Technologies Ltd, the Israeli company behind Believer Meats before its 2022 rebrand.

The ownership of certain intellectual property remains the subject of separate proceedings. According to court filings, receiver Kevin Sink said pleadings filed by Future Meat Technologies Ltd suggest it may own certain assets connected to the North Carolina facility, although no specific property has been identified. Sink stated that the receiver does not believe the Israeli company owns any physical assets located at the Wilson site.

The intellectual property process is also proceeding separately in Israel, where the company's trustee has begun discussions with potential buyers regarding Future Meat Technologies' underlying technology portfolio.

Believer Meats ceased operations in December 2025 despite previously being one of the cultivated meat sector's best-funded companies, raising almost US$400 million. The business entered general receivership in February 2026 after financial difficulties.

The Wilson facility represents one of the industry's largest manufacturing investments. According to marketing materials prepared by BDO Consulting Group, more than US$150 million was invested in designing, constructing and equipping the site, which features food processing systems supplied by GEA and was built by Gray Construction. The facility had also completed USDA and FDA inspections during its development.

Construction of the site has been the subject of ongoing litigation. Gray Construction alleges it is owed US$36.4 million for design and construction work carried out at the facility, while court records also identify Ameris Bank as a senior secured lender with a US$25 million term loan backed by machinery, equipment and other assets.

For UPSIDE Foods, the acquisition would mark a significant expansion of its manufacturing capabilities. The California-based cultivated meat company previously paused plans for a large-scale facility in Glenview, Illinois, in 2024, opting instead to expand its smaller EPIC production facility in Emeryville, California.

At the time, the company indicated it was prioritizing development of processed and hybrid cultivated meat products while continuing to advance its whole-cut technology.

In a statement to AgFunderNews, UPSIDE Foods said: "We've made significant strides in scaling our cultivated meat production over the past several years. This North Carolina facility would accelerate the expansion of our production capacity and help us meet growing demand for UPSIDE chicken much sooner."

The outcome of the auction process will determine whether UPSIDE Foods ultimately secures the facility or faces competing bidders for one of the cultivated meat industry's most advanced manufacturing assets.