Misfits Market Announces Plans to Acquire Imperfect Foods; Abhi Ramesh and Dan Park Discuss
NEW YORK - We in the produce industry know the blood, sweat, and tears that go into growing each fruit or vegetable and then getting it to market, making it even harder to watch food go to waste. Luckily, Misfits Market is taking the food waste challenge head-on, recently announcing its acquisition of Imperfect Foods as a play to increase its reach.
“We have a tremendous opportunity to advance the shared mission of both brands, which is nothing less than a fundamental re-imagining of both the grocery category and the broken United States food system,” said Abhi Ramesh, Chief Executive Officer and Founder of Misfits Market. “The strengths of the Imperfect Foods organization, from its in-house delivery fleet and robust private label program to its sustainability commitments and innovation, add immediate scale and depth to what we’re building at Misfits Market.”
A release explained that this planned acquisition will bring together both brands to create a more sustainable grocery experience and will put the combined business on track to reach $1 billion in sales by early 2024. Additionally, through the deal, Misfits Market will be positioned to continue building a supply chain that takes on inefficiency, lowers prices, and improves online grocery shopping for consumers.
As part of the acquisition, the brands will continue with separate operations in the short term. Ramesh will serve as CEO of the combined company, with executives from Imperfect Foods joining Misfits Market’s leadership team.
“Scale matters in grocery, and this combination makes us a truly meaningful disruptor in the space,” stated Imperfect Foods Chief Executive Officer Dan Park. “Both organizations have made significant progress as individual brands—together, we have already rescued nearly 500 million pounds of food that may otherwise have gone to waste and driven innovation in a category propped up by antiquated technology and thinking. The combined experience and expertise of this newly merged team will exponentially increase our ability to take on established players in the traditional grocery space.”
To read more about this acquisition, click here.
What impact will this partnership have on food waste moving forward, and how will it inspire other companies to rise to the challenge? Keep reading AndNowUKnow for more updates.
