Japan’s Oisix to acquire US plant-based meal kit company Purple Carrot
Oisix acquisition of Purple Carrot : Japanese meal kit and organic food delivery service Oisix ra daichi has agreed to acquire US plant-based meal kit company Purple Carrot in a deal worth up to $30 million.
Launched in 2014, Purple Carrot supplies fresh, pre-portioned ingredients to its subscribers across the US along with easy step-by-step guidance for cooking healthy, plant-based meals at home. Headquartered in Needham, Massachusetts, the US plant-based meal kit company works with distribution centers located in New Jersey, Las Vegas and Chicago.
Purple Carrot gives breakfast, lunch and dinner options to its subscribers every week.
Founded in 2000, Oisix raked in nearly $580 million in revenues for the year ended March 2019. The Japanese produce company operates seven distribution centers across Japan, and works with a network of 4,000 plus farmers to supply fresh produce to consumers.
Through the platform of Oisix and its access to fresh produce, Purple Carrot is expected to grow globally.
Kohey Takashima, Founder & CEO of Oisix, commenting on Oisix acquisition of Purple Carrot, said: “Since our inception 18 years ago, our focus has been to provide convenient access to delicious and healthy food that delights our customers. 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. 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.”
Terms of Oisix acquisition of Purple Carrot
As per the terms of Oisix acquisition of Purple Carrot, the Japanese produce company will make an upfront payment of $12.8 million and an additional $17.2 million in the form of potential earn-out through 2021.
Commenting on Oisix acquisition of Purple Carrot, Andy Levitt – Purple Carrot Founder & CEO, said: “I’m so proud of the rapid growth that Purple Carrot has achieved over the past five years. 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. We look forward to working with Oisix to continue the momentum and authenticity of the brand we’ve created.”
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