Two Canadian meal-preparation companies have consolidated to better compete in what they call a "challenging economic landscape."
Vancouver-based Fresh Prep Foods Inc. has aquired Montreal-based Cook It Recipes Inc., Fresh Prep announced today.
It did not reveal any purchase price, or the deal's terms.
The acquisition includes Cook it's operations, facilities, inventory, equipment, trademarks and other intangible assets, marking a significant milestone for Fresh Prep as it expands its footprint into Quebec and Ontario. The company already operates in B.C. and Alberta.
"Despite a challenging economic landscape in recent years, Fresh Prep has demonstrated consecutive year-over-year growth," the company said today in a news release. "With robust operations and an industry-leading circular business model, Fresh Prep is well-positioned for national expansion."
Becky Brauer, Co-CEO of Fresh Prep called the move a "major step" in its mission to empower Canadians to eat well by being able to get fresh food delivered to their doors in meal kits that are easy to prepare and cut down on food waste because exact amounts of needed food are included.
The Cook brand will survive, thereby ensuring continuity of quality and authenticity, according to Fresh Prep.
"With an extensive local sourcing network in Western Canada, Fresh Prep aims to expand relationships with Quebec producers to enhance the Cook it menu," the company said.
Fresh Prep has expanded by acquisition before. Last year, it acquired the Vancouver-based surplus grocery-delivery company Peko.
Fresh Prep expanded into Alberta in 2021, after it revealed closing a $21-million Series B funding round.
