HelloFresh of Berlin, Germany, has struck a deal to buy Chefs Plate of Etobicoke. Both are in the meal kit business.
HelloFresh said in making the announcement that the combined companies will lead the meal kit market in Canada, targeting revenues of about $200 million next year.
The price is somewhere in the middle of double digits, the company said, which apparently means about $50 million.
The integration will provide wider product variety and procurement, production and marketing synergies of some $10 million, company officials said in a news release.
“The integration of Chefs Plate is clearly such a unique opportunity to expand our leadership position across North America,” said Thomas Griesel, chief operating officer and co-founder of HelloFresh.
“Canada is one of our fastest-growing markets that shows high consumer demand for meal kits. Chefs Plate is the perfect fit for HelloFresh to form the unrivalled market leader,” he said.
