Chefs Plate To Be Acquired By HelloFresh
TORONTO, CANADA - HelloFresh and Chefs Plate have entered into an agreement to combine their Canadian businesses. HelloFresh will acquire all shares of Chefs Plate. Together, the two companies will have targeted revenues of about CAN $200 million (U.S. $153 million). As part of the global HelloFresh group, meaningful synergies and an economy of scale will allow Chefs Plate to further enhance its brand positioning and accelerate growth, the companies noted in a press release.
"We are proud to join forces with the leading global meal kit company HelloFresh," said Jamie Shea, Co-Founder & CEO of Chefs Plate. “Since our launch in 2014, we have pioneered the meal kit market following our clear mission to create meaningful human connections through food. Now, we have the unique opportunity to further accelerate our plans and create an offering that attracts even more customers. We are more than delighted to have found a partner in HelloFresh that shares our passion for food and quality at all levels. The partnership will allow us to leverage the strength of the most successful global player in the market and at the same time continue to build a sustainable Canadian food system and support the community around us."
The press release noted that Canadian customers will benefit from two strong brands serving distinct meal kits for every need. Based on the complementary customer bases and leading positions at different pricing points, HelloFresh and Chefs Plate plan to strengthen both brands along distinct offerings for its Canadian consumers. By leveraging synergies across marketing, sourcing, and operating expenses both brands gain significant means to further accelerate the individual brand strategies and to expand the joint market leadership.
"The integration of Chefs Plate is a big leap for our ambitious plans for the Canadian market. Together, we are not only the largest player, but we also create a superior offering. In the future, we can serve the widest range of individual consumer needs with two strong brands," said Ian Brooks, CEO of HelloFresh Canada. "We are more than happy to have the talented Chefs Plate team on board and are looking forward to working together on many exciting projects."
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