HelloFresh meal kit service has been busy this year. After acquiring Green Chef in March and launching in New Zealand in September, it now aims to further strengthen its position in the Canadian market with the acquisition of Chef’s Plate, its top competitor in the Great White North. The value of the deal is supposedly between $50 and $100 million and the companies plan to complete the transaction by mid-November 2018.
Unite & Conquer
HelloFresh is already one of the most popular meal kit delivery services in the US and according to the words of Thomas Griesel, COO and co-founder of HelloFresh, Canada is one of the company’s fastest growing markets. With the integration of Chef’s Plate, HelloFresh hopes to become an undisputed market leader not only in Canada but in North America as a whole.
Chef’s Plate and HelloFresh have much in common, including top positions in the Canadian meal kit market, shared best practices, and complementary customer bases. All of these qualities make them a perfect match and indicate that their union is likely to be highly prosperous, with targeted revenues of about 200 million CAD.
It remains to be seen whether the two united companies will be able to gain and maintain the largest customer base in Canada. What we do know is that this acquisition is a smart move for both services, as the two powerful rivals will now work together to win over even more meal kit lovers and leave the competition miles behind.