Online grocer Misfits Market has announced plans to acquire competitor Imperfect Foods, bringing together two companies that save food from going to waste.
Both platforms are driven by accessibility and sustainability, and are united by a shared vision for a less wasteful and more affordable grocery experience.
The acquisition should provide the companies with the necessary scale to take on larger online grocery players. Together, the two businesses will accelerate growth beyond what they could each do on their own, benefitting from many synergies.
“We have a tremendous opportunity to advance the shared mission of both brands, which is nothing less than a fundamental re-imagining of both the grocery category and the broken US food system,” said Abhi Ramesh, CEO and founder of Misfits Market. “The strengths of the Imperfect Foods organisation, from its in-house delivery fleet and robust private label programme to its sustainability commitments and innovation, add immediate scale and depth to what we’re building at Misfits Market.”
The brands will continue separate operations in the short term. Ramesh will serve as CEO of the combined company, with executives from Imperfect Foods joining the Misfits Market leadership team.
Financial terms of the deal were not disclosed.
© FoodBev Media Ltd 2022
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