Tokyo-based Oisix ra daichi sees a big opportunity in meal kits, with the U.S. market expected to double by 2022 and the Japanese market also quickly growing.
Oisix ra daichi bought plant-based meal kit company Purple Carrot for $12.8 million plus an earnout provision that could pay the sellers another $17.2 million through 2021, according to a news release.
In a document on its investor relations site, Oisix ra daichi indicated that Purple Carrot has 22,000 subscribers and had $43 million in sales for fiscal year 2018.
“Since our inception 18 years ago, our focus has been to provide convenient access to delicious and healthy food that delights our customers,” Kohey Takashima, founder and CEO of Oisix, said in the release. “We have been looking for the right opportunity to expand our reach and capabilities, and are thrilled to be joining forces with Purple Carrot.
“The core values of the two companies are very closely aligned,” Takashima said. “Furthermore, this acquisition gives us the chance to make a global impact. At the same time, it represents an exciting step in our growth trajectory to expand our operations and bring the first plant-based meal kits to Japan.”
The headquarters of Purple Carrot will remain in Massachusetts, and the executive leadership team will be retained.
“I’m so proud of the rapid growth that Purple Carrot has achieved over the past five years,” CEO and founder Andy Levitt said in the release. “It’s now a great opportunity to join Oisix, positioning Purple Carrot for continued domestic and future global growth with a highly authentic partner in the wellness category.
“By partnering with this Japanese powerhouse, we’ll bring Purple Carrot plant-based meals to even more consumers and significantly increase the positive impact of our business well into the future,” Levitt said. “We look forward to working with Oisix to continue the momentum and authenticity of the brand we’ve created.”