Fresh Del Monte Produce has made a $4 million equity investment in plant-based meal kit company Purple Carrot.
Del Monte has been focusing on expanding its product offerings. It acquired Salinas, Calif.-based Mann Packing earlier this year.
Chairman and CEO Mohammad Abu-Ghazaleh said in the latest Del Monte earnings call May 1 that the company was interested in the meal kit space.
“This investment builds on our commitment to seize growth opportunities that will further diversify our business, leverage our distribution network and infrastructure and get healthful, fresh fruit and vegetable offerings in as many channels as possible,” Abu-Ghazaleh said in a news release. “Purple Carrot has tremendous growth momentum in the fast-growing plant-based food segment with a well-known brand and an authentic connection with its customers. We believe there will be significant opportunities for our teams to create increased value through product mix and channel expansion.”
Purple Carrot expects to gain access to more farms, ingredients and distribution channels through the partnership, as well as access to retailers, according to another news release.
“Securing this strategic investment from Fresh Del Monte is a huge validation of our business model and an important step forward for our company,” Purple Carrot CEO and founder Andy Levitt said in the release.
“This investment by Fresh Del Monte will strengthen our ability to create meaningful and lasting change, improve our core product and open up a world of possibilities for brand expansion,” Levitt said in the release.