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National & World Ag News Headlines |
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Kroger Completes Merger with Home Chef
USAgNet - 06/25/2018
The Kroger Co., Cincinnati, and Home Chef, Chicago and the country's largest private meal kit company, finalized a merger that will significantly accelerate availability of meal kits and position the combined company to lead the way in revolutionizing how
families shop for, prep, and cook their meals.
"We're excited to welcome Home Chef to The Kroger Family of Companies," says Rodney McMullen, Kroger's chairman and CEO. "The merging of our two innovative, data-driven, and customer-focused cultures will allow us to accelerate our reach across
America, serving food inspiration and uplift."
"We couldn't be more excited to join the Kroger family and for what this will mean for millions of customers," said Pat Vihtelic, Home Chef's founder and CEO. "We look forward to bringing Home Chef's simple, convenient and enjoyable meal solutions to
Kroger locations."
The initial transaction price is $200 million and future earnout payments of up to $500 million over five years are contingent on achieving certain milestones, including significant growth of in-store and online meal kit sales. The merger comes on the heels of Home
Chef's 150% growth in 2017, $250M in revenue, and two profitable quarters.
Kroger will make Home Chef meal kits available to customers, both in stores and online.
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