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Purple Carrot to Be Acquired by Largest Japanese Organic Food Delivery Service, Oisix ra daichi Inc., Fueling Opportunity to Bring Plant-Based Meal Kits Global

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Leading Japanese Produce Company Makes First U.S. Acquisition with
Plant-Based Platform

BOSTON–(BUSINESS WIRE)–Purple Carrot, the plant-based meal kit company with operations in the
U.S., today announced that it will be acquired by Tokyo-based Oisix ra
daichi Inc. (Oisix), Japan’s largest meal kit and organic food delivery
service. With Oisix’s platform and access to fresh produce through
thousands of farmers, and Purple Carrot’s U.S. market penetration, the
company is poised for explosive global growth in what experts predict
will be a $9 billion global market by 2025. Purple Carrot’s corporate
headquarters will remain in Massachusetts, and the entire executive
leadership team will maintain their roles in the organization. Terms of
the deal include an upfront payment of $12.8 million, with an earn-out
potential of an additional $17.2 million through 2021, creating a total
deal value of up to $30 million.

“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,” said
Andy Levitt, Purple Carrot’s Founder & CEO. “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.”

The acquisition represents the first global alliance between two
health-centric companies in Asia and the United States who will be able
to leverage their food service and plant-based expertise to capitalize
on the better-for-you trends that extend across the world.

“Since our inception 18 years ago, our focus has been to provide
convenient access to delicious and healthy food that delights our
customers. We have been looking for the right opportunity to expand our
reach and capabilities, and are thrilled to be joining forces with
Purple Carrot,” said Kohey Takashima, Founder & CEO of Oisix. “The core
values of the two companies are very closely aligned. Furthermore, this
acquisition gives us the chance to make a global impact. At the same
time, it represents an exciting step in our growth trajectory to expand
our operations and bring the first plant-based meal kits to Japan.”

Oisix, which was founded in June 2000, generated approximately $580
million in revenues (160% YoY) with 4.9% EBITDA margin for the year
ended March 2019. They operate seven distribution centers throughout
Japan, and work with a network of more than 4,000 farmers to provide
fresh produce to consumers. Purple Carrot launched in October 2014, and
delivers fresh, pre-portioned ingredients nationwide with simple
step-by-step guidance for people to cook distinctive, healthy,
plant-based meals at home. Purple Carrot is based in Needham, MA and
works with distribution centers in New Jersey, Chicago and Las Vegas.

For more information about Oisix, visit https://www.oisixradaichi.co.jp/en/.
For more information about Purple Carrot, visit www.purplecarrot.com.

ABOUT OISIX

Oisix is the leading produce company in Japan. Oisix utilizes a
subscription model, offering online sales of specially cultivated
agricultural products, additive-free processed foods and other food
products and ingredients with particular emphasis on food safety to
consumers. The Company provides logistics functions, products, and
e-commerce systems to support food home delivery services throughout
Japan. The Company also provides services in Hong Kong and started to
develop services in China.

ABOUT PURPLE CARROT

Purple Carrot is the first and only 100% plant-based meal kit that helps
people discover how delicious, healthy, and simple it can be to eat
plant-based meals. The Company offers breakfast, lunch and dinner
options every week, sending subscribers pre-portioned ingredients and
step-by-step instructions to create amazing plant-based recipes.

Contacts

Media
Ashley Aruda
M Booth
[email protected]
212-388-7681

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