Marley Spoon to Acquire Australian Ready-to-Heat Meal Provider Chefgood.
MANews-(C)2009-2021
Germany-based subscription-based meal kit provider Marley Spoon AG (ASX: MMM) has entered into an agreement to acquire Australia-based ready-to-heat meal provider Chefgood Pty Ltd, the company said.
Under the deal, Marley Spoon will acquire 100% of the share capital of Chefgood for a total purchase price of up to AUD 21m (USD 14.99m), with additional earn-outs of up to ~AUD 5.6m (~EUR 3.6m) over the next 2.5 years based on achievement of revenue targets.
The premium, ready-made meals company is operating at an ~AUD 26m revenue run-rate (as of three-month period September - November 2021, which grew 137% y-o-y) and is generating positive EBITDA and Net Cash Flow1.
The transaction is expected to be funded by an ~AUD 8m (EUR 5m) equity placement with a long-term oriented European institutional investor at AUD 1.00 per CDI, a 43% premium to the last close, and an ~AUD 11m (8.1 / ~EUR 7m) extension to the group's existing debt facility with Runway Growth Capital.
The acquisition of Chefgood is expected to be completed in January 2022.
Chefgood is...
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