![]() Distribution: Current Foods Debuts In Retail Revive Superfoods Delivers To The Workplace.It might not have been biggest return to date, but I know as a mission-driven company we’ve made a significant impact.” “I’m proud of being able to return money to investors. “As hard as employees and founders can work together, it doesn’t guarantee that there’s going to be a huge return,” Levitt said. New Crop Capital, Stray Dog Capital and Windsail Capital all have mission-driven aspects to their investment theses. ![]() Levitt told NOSH that not all of Purple Carrot’s investors will see a financial return on their investment, but most appreciated that the deal will increase access to plant-based products. Now the the expectation is for retailers to have a meal-kit play, with Plated now owned by Albertsons, Home Chef acquired by Kroger in 2018 and Chef’d since repositioned as an in-store offering. In October 2016 Purple Carrot launched ready-to-cook meals into select Whole Foods Market stores, but the relationship was short lived. “But in the end we feel so good about Oisix.”Īnother major change to the competitive landscape has been the synergies between brick and mortar retailers and meal kit providers. “As much as Blue Apron set the tone for the category, they’ve also cast a tremendously long shadow over the investment interest and M&A,” Levitt said. Levitt said the aftermath has left behind a much smaller pool of potential buyers, despite the fact that Purple Carrot has strong margins and a differentiated offering. Meanwhile, Chef’d, another Purple Carrot competitor, declared bankruptcy in 2018. After going public in 2017, Blue Apron is now in danger of being delisted by the New York Stock Exchange. However, the deal was tabled after Fresh Del Monte’s faced its own financial struggles.Īt the same time, the meal kit market looks much different today than it did in 2016. The company received investment from Fresh Del Monte Produce in 2017 with the expectation that the relationship might lead to a future acquisition. ![]() In a document posted on its website, Oisix stated that it estimates the global meal kit market to reach $9 billion by 2025 and that both companies “ customers with deliciousness and a healthy eating table through food.” Achieving an exit has been a long term goal for Levitt, who began looking towards a path of acquisition in late 2016. It’s a similar “you won’t miss the meat” messaging that has helped plant-based brands Beyond Meat and Impossible Foods change consumer perception of the category. Our goal and our mission has always been to help more people eat more plants.”Īccording to Levitt, Purple Carrot’s mission has always been to make plant-based food easy and accessible for omnivores. “It allows us to really extend our reach and bring the first vegan meal kits to Japan. “They bring a whole new perspective that a domestic company would not bring forth,” Levitt said. Its efficient supply chain and operation process are both elements of the business that American meal kit providers have struggled to optimize, Levitt said. ![]() In Japan, the 18 year old company offers over 30 different meal options a week and has relationships with over 4,000 Japanese farmers along with seven distribution centers. consumers, but the publicly traded company generated approximately $580 million in revenues for the year ending in March 2019. Whipstitch Capital acted as the exclusive financial advisor to Purple Carrot in the transaction and told NOSH that Purple Carrot was “an attractive asset” for potential buyers. Thus far, the company has raised a reported $10 million from investors including Fresh Del Monte Produce, New Crop Capital, Stray Dog Capital and Windsail Capital. ![]()
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