EMERGE Commerce acquires truLOCAL for $16.8M
By acquiring the online marketplace that allows consumers to connect with and subscribe to local meat suppliers, EMERGE gains its first monthly recurring subscription offering, premium customer base and highly strategic food technology platform.
“In truLOCAL, we have acquired a profitable market leader in the lucrative food tech space that happens to be one of the fastest-growing companies in Canada,” said EMERGE Founder and CEO, Ghassan Halazon, through a joint press release. “Throughout the pandemic, online shopping for groceries, and meats in particular, has been a bestselling vertical across both EMERGE and the e-commerce sector at large, sparking our strategic interest in the category, and eventually leading us to the formidable business that is truLOCAL under Marc’s leadership.”
Based out of Kitchener, Ont., truLOCAL has continuously grown since it was founded by Marc Lafleur in 2016. In 2020, the online subscription company generated revenue of approximately $19.8 million, a 130 percent growth year-over-year, despite the pandemic.
“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 Lafleur in the release.
The deal cost upwards of $16.8 million and will see truLOCAL’s founding team and branding stay in place. It also marks the first for EMERGE since going public in December 2020.
In the press release, EMERGE Chairman, Drew Green, said the acquisition was another step forward as the company remains focused on continuously improving the e-commerce field, “In 2021 and beyond, we plan to continue to acquire and accelerate market-leading e-commerce assets as we set out to become the preeminent consolidator of digitals brands across North America.”