Nestle buys stake in U.S. Freshly
Nestle said it was lead investor in a $77 million round of new funding for Freshly, helping it gain access to the $10 billion market for prepared meals in the United States that it said would grow at "very attractive rates".
Nestle did not disclose its exact investment.
The investment will help Freshly build a new East Coast kitchen and distribution centre in 2018 as it prepares to expand its U.S. service nationwide.
Nestle USA's Food Division President Jeff Hamilton would join Freshly's board of directors.
Nestle said last week it may sell its roughly $900 million-a-year U.S. confectionery business, which includes Butterfinger and BabyRuth.
Headquartered in New York with operations in Phoenix, Freshly was founded in 2015 and employs 400. ■