HelloFresh has purchased Chefs Plate, a top Canadian meal kit company.
The companies expect to realize synergies in sourcing, operating and marketing expenses, and the combined scale allows the companies to target break-even in Canada for 2019, according to a news release. The deal is expected to close within the next few weeks.
“It is our declared strategy to accelerate our global growth investments to capitalize on current market opportunities,” HelloFresh chief operating officer Thomas Griesel said in the release. “The integration of Chefs Plate is clearly such a unique opportunity to expand our leadership position across North America. Canada is one of our fastest-growing markets that shows high consumer demand for meal kits. Based on the highly complementary customer bases and leading positions at different price points, Chefs Plate is the perfect fit for HelloFresh to form the unrivaled market leader.”
In Canadian dollars, the purchase price is “in the middle double-digit million” range, according to the release.