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Vancouver-based meal-kit delivery company Fresh Prep said the court approved its plans to buy Montreal’s Goodfood, including taking on some staff and taking over customer deliveries. Fresh Prep, which didn’t say how much it would pay to buy Goodfood, said it expects the deal to close on Friday. (The Logic)
Talking point: After seeing demand for food deliveries weaken in the years following the COVID-19 pandemic, Goodfood announced in August that it would seek creditor protection and sell itself. It made net sales of $86.4 million in the twelve months ending in June, earning $3.8 million before taxes, interest, depreciation and amortization, according to court documents, but its turnaround plan failed to free up enough cash for its upcoming debt payments, it said. Fresh Prep said it has “strong relationships with local producers and suppliers” and a kitchen in Quebec that can serve the share of Goodfood’s 30,000 remaining customers that live in the province. Buying Goodfood will provide Fresh Prep with more staff, as well as expanding its reach into Saskatchewan.
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