Freasheasy signed a mergers and acquisition (M&A) deal with Heodak and Line Logistics System. Heodak is popular among young fitness enthusiasts for its chicken breast fillet-based home meal replacement (HMR) menus. Line Logistics has a nationwide cold chain delivery infrastructure that currently supplies fresh goods to some 12,000 restaurants and stores.
A cold chain is a logistics network vital for the delivery of fresh goods. The parcel delivery network uses refrigerated trucks and temperature-controlled logistics centers to deliver fresh products including frozen foods and fresh vegetables without spoiling them.
The deal was done by exchanging stakes between companies. Financial details were not disclosed. Freasheasy said the deal is aimed at beefing up its HMR distribution process that includes joint product development, production, distribution and sales by partner companies.
"We will establish a joint frontline connected by partner companies in the food product market," Fresheasy co-CEOs Jung Joong-kyo and Park Jae-yeon were quoted as saying. The company has expanded its business in the meal kit market which stood at five trillion won ($4.1 billion) in 2020.
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