Japanese meal kit and organic food delivery service Oisix ra daichi has agreed to acquire US plant-based meal kit company Purple Carrot.
The value of the transaction is approximately $30m, which includes an upfront payment of $12.8m and an earn-out potential of an additional $17.2m through 2021.
Purple Carrot will continue to operate its corporate headquarters in Massachusetts and retain the full executive leadership team to continue in their respective roles in the organisation.
The deal marks the first global alliance and the first US acquisition for the Japanese produce company Oisix.
Purple Carrot founder and CEO Andy Levitt 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.
“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.”
Established in 2000, Oisix currently operates seven distribution centres across Japan and has a network of more than 4,000 farmers to offer fresh produce to customers.
Oisix offers online sales of agricultural products, additive-free processed foods and other food products through a subscription model.
Based in Needham, Massachusetts, Purple Carrot currently operates distribution centres in New Jersey, Chicago and Las Vegas.
Last May, Fresh Del Monte Produce acquired an equity investment in Purple Carrot.