Press Release: Nestle: Nestlé USA acquires Freshly, a pioneer in healthy prepared meals

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Vevey, October 30, 2020

Nestlé USA acquires Freshly, a pioneer in healthy prepared meals

Nestlé announced today that it has acquired Freshly, one of the

leading fresh-prepared meal delivery services in the U.S. The deal

values Freshly at USD 950 million, with potential earnouts up to USD 550

million contingent to the successful growth of the business. This

transaction was signed and closed on October 30, 2020.

Founded in 2015, Freshly delivers a menu of fresh, chef-cooked meals to

customers across the country, breaking down the barriers to healthy

eating by delivering nutrition and convenience at scale.

This move brings together Nestlé's deep understanding of what and

how people eat at home, and world class research and development

capabilities with Freshly's highly specialized consumer analytics

platform and distribution network to fuel growth opportunities within

the Freshly business and across Nestlé's portfolio.

"We are excited to welcome Freshly to the Nestlé family," said

Nestlé USA Chairman and CEO, Steve Presley. "Consumers are

embracing ecommerce and eating at home like never before. It's an

evolution brought on by the pandemic but taking hold for the long term.

Freshly is an innovative, fast-growing, food-tech startup, and adding

them to the portfolio accelerates our ability to capitalize on the new

realities in the U.S. food market and further positions Nestlé to

win in the future."

As the largest food and beverage company in the U.S., Nestlé is

committed to driving the evolution of the food industry through

innovation across all aspects of its business, be it through in-house

capabilities or strategic acquisitions. Nestlé purchased an

approximately 16% stake in Freshly in 2017 as a strategic move to

evaluate and test the burgeoning market. Freshly pioneered the

direct-to-consumer prepared meal delivery channel and is known for its

use of standard-setting technology and analytics, which will build upon

Nestlé's strong base of innovation. Growing year-over-year since

launching in 2015, Freshly is now shipping more than one million meals

per week to customers in 48 states. Its 2020 forecasted sales are USD

430 million.

"We are extremely excited to expand our relationship with Nestlé,"

said Freshly CEO Michael Wystrach. "Our mission is to make eating

healthy easy by bringing nutritious, high quality meals directly to

customers' homes. Convenience and nutrition are driving forces in the

future of food, and our becoming a part of the world's largest food

company confirms that. With Nestlé, we will have access to

resources, research and development, and years of experience that we can

tap into to catapult our growth plans and move closer to our goal of

being in every household in America."

Laurent Freixe, Nestlé CEO Zone Americas added, "At Nestlé we

know the at-home food market and we know how to win there. With the

acquisition of Freshly we are strengthening our position in the U.S. and

expanding our ability to deliver a wide variety of delicious food to our

consumers when and where they want. Whether purchasing our products from

the comfort of their homes, in retail stores or through social commerce,

we will continue to provide them with unbeatable convenience, choice and

ease of purchase."

About Freshly Inc.:

Freshly Inc. is a weekly subscription service delivering fresh,

chef-cooked meals that can be heated and served in 3 minutes directly to

customers' doors. All that is needed is a microwave, fork and plate to

get a satisfying lunch or dinner on the table. With a corporate mission

to break down the barriers to healthy eating, Freshly believes that

taste and health don't need to be compromised for convenience. Freshly's

food philosophy is centered on less sugar, less processed, and more

nutrients. All meals are gluten-free and single-serve for effortless

portion control. Developed by chefs and nutritionists, the menu features

better-for-you versions of classic comfort foods with smart ingredient

swaps. Freshly makes eating better easier than ever, one box at a time.

To learn more about Freshly, visit www.freshly.com.

About Nestlé USA:

Nestlé USA is committed to unlocking the power of food to enhance

quality of life for everyone, today and for generations to come. The

company's food and beverage portfolio includes some of the most

recognizable brands in the United States including Coffee mate, DiGiorno

and Nestlé Toll House as well as category disruptors such as Sweet

Earth, and are in nearly every home in the country. Nestlé USA also

boasts the largest coffee portfolio in the U.S. with Nescafé,

Nestlé Starbucks Coffee and Chameleon Cold Brew. With 2019 sales of

USD 11 billion, Nestlé USA is part of Nestlé S.A. in Vevey,

Switzerland -- the world's largest food and beverage company, which has

been named among "The World's Most Admired Food Companies" by Fortune

magazine for twenty-three consecutive years. For product news and

information, visit Nestleusa.com

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or Facebook.com/NestleUSA

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.

Contacts:

Media:

Christoph Meier Tel.: +41 21 924 2200

mediarelations@nestle.com

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Dana Stambaugh Tel: +1 571 457 3803

dana.stambaugh@us.nestle.com

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Investors:

Luca Borlini Tel.: +41 21 924 3509

ir@nestle.com

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(END) Dow Jones Newswires

October 30, 2020 14:00 ET (18:00 GMT)