BOSTON--(BUSINESS WIRE)--Purple Carrot, the plant-based meal kit company with operations in the U.S., today announced that it will be acquired by Tokyo-based Oisix ra daichi Inc. (Oisix), Japan's largest meal kit and organic food delivery service. With Oisix’s platform and access to fresh produce through thousands of farmers, and Purple Carrot’s U.S. market penetration, the company is poised for explosive global growth in what experts predict will be a $9 billion global market by 2025. Purple Carrot’s corporate headquarters will remain in Massachusetts, and the entire executive leadership team will maintain their roles in the organization. Terms of the deal include an upfront payment of $12.8 million, with an earn-out potential of an additional $17.2 million through 2021, creating a total deal value of up to $30 million.
“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,” said Andy Levitt, Purple Carrot’s Founder & CEO. “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."
The acquisition represents the first global alliance between two health-centric companies in Asia and the United States who will be able to leverage their food service and plant-based expertise to capitalize on the better-for-you trends that extend across the world.
“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,” said Kohey Takashima, Founder & CEO of Oisix. “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.”
Oisix, which was founded in June 2000, generated approximately $580 million in revenues (160% YoY) with 4.9% EBITDA margin for the year ended March 2019. They operate seven distribution centers throughout Japan, and work with a network of more than 4,000 farmers to provide fresh produce to consumers. Purple Carrot launched in October 2014, and delivers fresh, pre-portioned ingredients nationwide with simple step-by-step guidance for people to cook distinctive, healthy, plant-based meals at home. Purple Carrot is based in Needham, MA and works with distribution centers in New Jersey, Chicago and Las Vegas.
Oisix is the leading produce company in Japan. Oisix utilizes a subscription model, offering online sales of specially cultivated agricultural products, additive-free processed foods and other food products and ingredients with particular emphasis on food safety to consumers. The Company provides logistics functions, products, and e-commerce systems to support food home delivery services throughout Japan. The Company also provides services in Hong Kong and started to develop services in China.
ABOUT PURPLE CARROT
Purple Carrot is the first and only 100% plant-based meal kit that helps people discover how delicious, healthy, and simple it can be to eat plant-based meals. The Company offers breakfast, lunch and dinner options every week, sending subscribers pre-portioned ingredients and step-by-step instructions to create amazing plant-based recipes.