- Plant-based seafood model Good Catch’s North American operations had been acquired by Depraved Kitchen in an all-stock deal. Good Catch’s dad or mum firm Gathered Meals is now a shareholder of Depraved Kitchen and features a seat on Depraved Kitchen’s board. The deal doesn’t embody Good Catch’s U.Okay. model, which stays below Gathered Meals.
- Each manufacturers had been based by brothers Derek and Chad Sarno, plant-based cooks who’ve labored with high-end eating places and retailers. Chad Sarno retains his place as chief culinary officer of each Good Catch and Depraved Kitchen. Depraved Kitchen CEO Pete Speranza takes the helm of Good Catch, which didn’t have a CEO below Gathered Meals.
- Analysts have mentioned seafood options are an space that’s ripe for development, with comparatively low market penetration and excessive gross sales potential. Good Catch, which has been in U.S. retailers and on menus since 2019, has been one of many largest manufacturers and first movers on this house.
With this deal, Depraved Kitchen is reeling in an enormous one.
Good Catch’s merchandise can be found nationwide and embody a wide range of each shelf-stable and frozen seafood choices. The model has a longstanding partnership with conventional seafood big Bumble Bee, which makes use of its gross sales, distribution and logistics experience to get Good Catch to customers. And Good Catch additionally has a relationship with Lengthy John Silver’s, which did a take a look at run of its Plant-Based mostly Breaded Fish-Free Fillet and Crab-Free Cake in California and Georgia final 12 months. In Canada, Good Catch is offered below the Swell Catch model.
In accordance with Crunchbase, Good Catch has raised greater than $77 million in its lifetime. The corporate’s fundraising haul has included notable Huge Meals buyers comparable to Maple Leaf Meals’ Greenleaf Meals and Common Mills’ enterprise capital arm 301 Inc. in addition to a number of celebrities.
Contemplating the background of each corporations, Depraved Kitchen could have been planning to buy Good Catch for some time. In spite of everything, each had been the creations of the identical cooks. Moreover, Depraved Kitchen CEO Speranza co-founded Common Mills’ 301 Inc., and served because the VC arm’s enterprise improvement chief on the time of its funding in Good Catch. In accordance with his LinkedIn profile, Speranza served on Good Catch’s board from January 2020 — when 301 Inc. invested within the firm — till he left Common Mills in September that 12 months.
Whereas Gathered Meals began with the CPG model Good Catch, it has targeted extra on creating and supporting the choice protein section. Final 12 months, it opened Cultivated Meals Labs in Canada, which focuses on plant-based merchandise improvement with labs, a pilot plant and excessive moisture extrusion capabilities. The corporate has its personal proprietary plant-based protein library, generally known as Gathered Proteins. There’s its 42,500-square-foot manufacturing facility in Ohio, generally known as Trellis Manufacturing, which opened in 2020 to make Good Catch merchandise. And it has a big headquarters and culinary lab in Austin, Texas, with house for R&D and content material creation.
“Gathered Meals is a number one pioneer in plant-based proteins,” Gathered Meals Govt Chair Chris Kerr mentioned in a written assertion. “Depraved’s best power is shopper attain, branding, and most significantly, culinary delight. Collectively, that is an impressive path ahead permitting each corporations to convey their best strengths to the buyer market.”
With this deal, Depraved Kitchen will be capable to add Good Catch merchandise to its plant-based frozen and shelf-stable meal choices, although Good Catch will retain its branding.
“By folding Good Catch’s plant-based seafood choices into Depraved Kitchen’s North American footprint we could have the most important number of animal-free shopper packaged items within the trade accessible at greater than 30,000 distribution factors,” Speranza mentioned in a written assertion. “The 2 manufacturers’ product strains complement one another and are 100% accretive, and the breadth of merchandise throughout departments — from appetizers to desserts and every thing in between — permits us to supply great-tasting meals that appeals to everybody.”
The deal is the most recent in a string of expansions for Depraved Meals, which began at U.Okay. grocer Tesco in 2018 and got here to america final 12 months. Final month, the corporate launched frozen pizzas and meals. Depraved Kitchen additionally introduced lupini bean-based ice cream pints and novelties to grocers’ freezers this spring.