LA Acquisition Complete! New Market will more than DOUBLE Annual Revenue.
We’ve been working on a deal for months to acquire a business in Los Angeles, CA so that Provenance can expand to the west coast. And last week, that deal closed and the acquisition is final! We are now the official owners of a meal delivery service in the white-hot LA market and will be launching Provenance Meals there soon.
The business we acquired is a sister meal delivery operation that serves a similar clientele to our NYC base. The food is delicious, and the business is profitable. It is truly a turnkey operation, and with a few tweaks, we’ll be unifying the two brands under one umbrella.
The LA market is ripe for our business. Mindbody Business ranks it in the top 10 strongest wellness markets in America. Competition comes mainly from smaller mom & pop operations, and a brand has yet to emerge that has captured the attention of Angelenos looking for organic, local, and sustainable meal delivery and cleanse programs, delivered to their door.
Our strategy for launch in LA is already in development and will include a robust paid social and PR campaign along with a combination of influencer and partnership activations. Similar to our marketing success in NYC, we plan to leverage relationships within the community of functional medicine practitioners (doctors, nutritionists, wellness professionals) and like-minded brands in the clean beauty, fitness, and sustainable fashion industries to help spread the word.
With this acquisition, we will see our annual revenue more than double in 2020. And our intent is to continue to add new markets with rising demand for wellness and convenience, using our 2 hubs on each coast as the base from which to ship nationwide.