Japan’s largest meal kit and organic food delivery service, Oisix ra daichi Inc., said it has acquired Three Limes Inc. dba Purple Carrot, the U.S. plant-based meal kit company for $30 million.
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, said Tokyo-based Oisix.
Purple Carrot, based in Needham, Mass., a suburb of Boston, launched in 2014 and delivers fresh, pre-portioned ingredients nationwide for consumers to cook plant-based meals at home. Purple Carrot has a network of distribution centers in New Jersey, Chicago and Las Vegas.
Purple Carrot had just over $40 million in sales in 2018.
Oisix, with about $580 million in annual revenue, said its platform and access to fresh produce via “thousands of farmers and Purple Carrot’s U.S. market penetration will combine to reap benefits of the “explosive global growth in what experts predict will be a $9 billion global market by 2025.”
Purple Carrot will maintain its corporate headquarters in Boston, “and the entire executive leadership team will maintain their roles in the organization,” the company said.
“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 founder and 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.”