HelloFresh Acquires 10 Percent Stake in Russian Counterpart Chefmarket; Ed Boyes and Sergey Ashin Explain
GERMANY - Achieving an international footprint is on many companies’ radars, and meal kit provider HelloFresh is bolstering its own. Completing a deal with Russian counterpart Chefmarket, the meal kit provider has acquired a roughly 10 percent stake in the company.
“We are excited about the investment which will enable us to further expand HelloFresh’s TAM and strengthen our global footprint. HelloFresh and Chefmarket share similar values, especially when it comes to fresh, locally sourced ingredients and sustainability. With this investment, we are looking forward to having an impact on changing the way even more people eat,” said Ed Boyes, Chief Commercial Officer at HelloFresh.
With the Russian food market representing the fifth largest food market globally, noted the release, the total addressable market (TAM) expansion is one important growth lever in HelloFresh’s long-term strategy and entails identifying attractive opportunities to selectively expand geographically.
In addition, the expansion of HelloFresh’s TAM is well underway to date, with its Green Chef brand being launched in the U.K. and the market entry into Norway, the third market for HelloFresh in the Nordics, following Sweden and Denmark.
“Chefmarket has seen healthy growth over the past [few] years as an increasing amount of consumers in Russia have learned to love to cook with meal kits,” Sergey Ashin, Chief Executive Officer and Founder of Chefmarket said. “Combining HelloFresh’s expertise in fifteen different markets with Chefmarket’s local supply chain and product development capabilities will support the continued strong growth of the meal kit market in Russia.”
The amount of this capital injection investment was not disclosed, but HelloFresh states it amounts to a single-digit million Euro figure in its announcement. Additionally, the investment represents a strategic step for HelloFresh to tap into an emerging market with significant growth potential.
As HelloFresh continues to build on its nationwide footprint, ANUK will be here to keep you in the loop.