Chefs Plate to join the global HelloFresh platform in Canada
by
Acton Capital Press
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October 17, 2018
Toronto/Berlin/Munich, October 17, 2018 – Exit ChefsPlate: HelloFresh and ChefsPlate Inc. have entered into an agreement to combine their Canadian businesses. For this purpose, HelloFresh will acquire all shares of Chefs Plate. Chefs Plate is a leading meal kit brand in Canada and pioneer in the local market since its launch in 2014. The newly formed entity under the HelloFresh umbrella will be the clear market leader in Canada, targeting revenues of about CAD 200 million in 2019.
Local passion and global expertise: Jamie Shea, Co-Founder and CEO of Chefs Plate Inc., said: “We are proud to join forces with the leading global meal kit company HelloFresh.”
Since our launch in 2014, we have pioneered the meal kit market following our clear mission to create meaningful human connections through food. -- Jamie Shea, Chefs Plate Inc.
“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,” Jamie Shea added.
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 the 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 closing of the transaction is currently expected to occur within the next few weeks. The purchase price is in the middle double-digit million CAD range.
“The integration of Chefs Plate is a big leap for our ambitious plans for the Canadian market.” -- Ian Brooks, HelloFresh
“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.”
HelloFresh is the world’s leading meal kit company and operates in the U.S., the United Kingdom, Germany, the Netherlands, Belgium, Luxembourg, Australia, Austria, Switzerland, Canada and New Zealand. HelloFresh delivered 48.9 million meals to 1.84 million active customers worldwide in the three-month period between April 1, 2018 and June 30, 2018. HelloFresh was founded in Berlin in November 2011 and went public on the Frankfurt Stock Exchange in November 2017. HelloFresh has offices in New York, Berlin, London, Amsterdam, Zurich, Sydney, Toronto and Auckland.
Thomas Griesel, COO and Co-Founder of HelloFresh, said: “It is our declared strategy to accelerate our global growth investments to capitalize on current market opportunities. Canada is one of our fastest growing markets that shows high consumer demand for meal kits.”
“The integration of Chefs Plate is clearly such a unique opportunity to expand our leadership position across North America.” -- Thomas Griesel, HelloFresh
