Kitchener-based meat subscription company sold for $16.8M
TruLOCAL sells boxes of products such as grass-fed beef and wild-caught salmon from Canadian suppliers
A locally-sourced meat subscription service based in Kitchener, Ont., has been acquired by Canadian e-commerce company Emerge Commerce for approximately $16.8 million.
TruLOCAL allows customers to order regular boxes of products – such as grass-fed beef, wild-caught salmon, and chicken raised without antibiotics – from Canadian suppliers.
The company generated revenue of $19.8 million in the 12 months ending Dec. 31, 2020, representing year-over-year growth of 130 per cent, according to a news release issued by the parties Tuesday.
TruLOCAL's team will continue to lead the company, the release said.
"In four years, we've been fortunate enough to put together a team of dedicated individuals who have worked together to make truLOCAL the Canadian category leader in meat subscription. In the process, we've introduced local farmers, producers and suppliers to the power of e-commerce, connecting them with thousands of loyal, health-conscious consumers across the country," said Marc Lafleur, founder and CEO of truLOCAL, in the release.
"TruLOCAL has achieved this success because of our amazing community of customers who have supported us and offered genuine feedback along the way. Our mission remains the same: to connect as many people as possible to Canada's hard-working producers and suppliers, and we feel that with this partnership we will be in a better position to accomplish that mission."
The purchase of truLOCAL is the fifth acquisition for Emerge and its first since going public on the TSX Venture Exchange in December 2020.
"TruLOCAL has the potential to become an iconic Canadian e-commerce brand," chairman Drew Green said in the news release.