Metro to acquire majority stake in ready-to-cook meals producer MissFresh
Canadian food distribution company Metro has signed a definitive agreement to acquire a majority stake in MissFresh, a producer of ready-to-cook meals.
MissFresh was established in 2015 by Marie-Eve Prevost, Bernard Prevost, and Ritter Huang.
According to the terms of the agreement, MissFresh's co-founders will retain a 30% stake in the company and continue to play an active role in its management with the existing team.
Metro anticipates that the acquisition will help the company in positioning itself in the online ready-to-cook meal market.
Metro executive vice-president, chief financial officer and treasurer François Thibault said: "We are pleased to partner with the three founders of MissFresh, dynamic entrepreneurs who have developed a promising concept that is already popular with consumers.
“As an alternative solution to healthy eating that is easy to prepare and delivered to your door, MissFresh offers products that will be complementary to what we have in store, which will help us to better meet the needs of consumers.”
With annual sales of more than C$12bn ($9.5bn), Metro operates a network of 600 food stores under several banners such as Metro, Metro Plus, Super C and Food Basics.