Goodfood buys Genuine Tea, looks to build portfolio of food and beverage brands

Online meal solutions company Goodfood Market Corp. has acquired Genuine Tea Inc.

Goodfood said the deal is part of its new strategy to build a portfolio of innovative direct-to-consumer food and beverage brands.

As part of the acquisition, Genuine Tea’s premium tea varieties will also be available through Goodfood’s meal kit subscriptions.

The founding shareholders of the Canadian craft tea company will continue to lead the business and hold the remaining shares of the company. Goodfood can acquire those shares in the future.

“Over the past decade, as we have scaled Goodfood, we observed a clear gap in the market for quality, niche direct-to-consumer food and beverage brands,” said Jonathan Ferrari, co-founder, and CEO of Goodfood, in a release. “Canadian consumers want these brands but the infrastructure to scale and meet demand did not exist. Bringing Genuine Tea on board is the first step in building an exciting portfolio of brands that resonate with Canadians’ tastes and preferences. We look forward to helping the next generation of entrepreneurs elevate their businesses and achieve new levels of success.”

Montreal-headquartered Goodfood said it’s “targeting passionate founders committed to expanding their business.”