Silvertree Holdings has fully acquired UCOOK, a South African meal kit delivery firm, for ZAR187 million (US$12.3 million).
UCOOK is a meal kit delivery service that delivers sustainable and ethically sourced ingredients to a user’s doorstep. It was founded six years ago and is currently a market leader.
Silvertree Holdings had previously invested in the startup, which has now been acquired entirely, with co-founders David Torr, Christopher Verster-Cohen and Katherine Barry exiting the company and Silvertree’s Peter Allerstorfer and his colleagues taking over the executive reins.
“Peter is a great executive with a keen eye for detail, I look forward to watching from the sidelines as UCOOK explores new avenues.
“We’re immensely proud of what we built, but I felt it was time to exit the business to allow me to focus on other ventures,” said Torr.
The deal follows Ucook’s acquisition of Granadilla Eats mid last year, in collaboration with its sister entity Faithful to Nature (FTN).
Granadilla Eats is an online food and fresh produce delivery service that was founded out of the need for a trustworthy grocery delivery service during the onset of the pandemic in March 2020.