When meal kit service Plated launched in 2012, it aimed to bring convenient personal dinner experiences to those passionate about food. The company flourished following their appearance on Shark Tank in 2014. A 2015 episode of Beyond the Tank revealed that while an initial deal with Mark Cuban fell through, Shark Kevin O'Leary helped bring them into the black and grow into a successful business.
Photo courtesy of Plated
Today, Plated is joining forces with a supermarket giant to spread its influence even further. Albertson's, which owns about 20 major supermarket brands across the country like Safeway and Acme, is acquiring the meal kit service for somewhere between $175-$200 million. The Information reports, however, that the final price could be twice as high based on "earnout payments" that will be attributed to Plated's growth over the next couple of years.
The new deal is a win-win for both businesses. On one hand, Albertson's gains a powerful meal kit branch that gives it a unique position in the retail space. The Wall Street Journal reports that customers at Alberston's stores will soon be able to order Plated meal kits for delivery or pickup from their nearest location. That brings uniqueness, customization, and a brand history of quality into Albertson's prepared meal space.
On the other hand, Plated now has the ability to scale up its business even further. A stated goal of this acquisition is that the Shark Tank alum becomes the first multi-channel meal kit offering at the national level. As Albertson's puts their meal kits in stores as well as online, the distribution of these customizable dinners will definitely increase.