Subscription-based meal kit company Marley Spoon has completed its $21 million acquisition of Melbourne-based ready meal business Chefgood. The deal was announced in December 2021.
Chefgood targets the health-conscious consumer, with a weekly rotation of more than 30 meals based on a subscription plan.
Marley Spoon said the company has a positive earnings before interest, taxes, depreciation, and amortisation (EBITDA) and net cash flow, with a net revenue run rate of $26 million reflecting its 137 per cent year-on-year growth.
The acquisition would allow Marley Spoon to tap into other market segments and expand its portfolio of existing brands including Martha Stewart & Marley Spoon and Dinnerly.
Marley Spoon managing director Australia, global COO and management board member Rolf Weber said they look forward to working with Chefgood CEO Michelle Sievwright.
“We are very excited to be partnering with Michelle and the Chefgood team since we share the same vision of making our customers’ lives easier with easy, tasty high-quality meal solutions,” Weber said.
Marley Spoon said it identified revenue and cost synergy opportunities across operations, supply chain, marketing, product development and digital execution. The savings are expected to lead margin improvements for both companies in Australia.
“We are all about healthy, tasty, honest food. Everyone at Chefgood is looking forward to working with Marley Spoon,” said Sievwright.
