The German food supplier is putting up to $ 277 million on the table for Factor75.
HelloFresh is driving its expansion in the US with the acquisition of the convenience food company Factor75. The aim is to expand the sales market through the acquisition, announced the Berlin-based food supplier on Monday, which is already number one in the USA.
HelloFresh is putting up to 277 million dollars (about 234 million euros) on the table for the company, which was founded in 2013 and claims to produce more ready-to-use meals for the oven or microwave than any other company in the USA.
It is an “emerging category that we believe will grow into a billion-dollar business over the next few years,” said US CEO Uwe Voss. This year, Illinois-headquartered Factor will generate about $ 100 million.
About $ 100 million of the purchase price is performance-related. HelloFresh announced that the transaction is expected to be completed within the next few months. Company boss Dominik Richter had already announced that he would be targeting the sale of ready meals.
The supplier of food in “cooking boxes”, which are delivered directly to your doorstep with recipes and measured ingredients, is benefiting from the corona pandemic with its exit restrictions and the trend towards home offices. In the third quarter, sales climbed 120 percent. HelloFresh now has five million customers in 14 countries.
