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Whole Foods invests in US seafood firm Luke's Lobster

Published 11 hours ago2 minute read
Credit: Jaclyn Vernace/Shutterstock

Whole Foods Market has invested in Luke’s Lobster, a family-owned seafood business in the US.

The US grocer, owned by Amazon, has taken part in “minority growth equity financing” led by US private-equity firm Relentless Consumer Partners.

The terms of the investment were not disclosed.

In a statement, Luke’s Lobster said it will use the capital to broaden its range of consumer-facing products and improve their distribution.

The funds will also “support” the opening of more Luke’s Lobster restaurants in the US.

As part of the agreement, Luke’s Lobster’s existing management team will continue to oversee daily operations, with support from Whole Foods and Relentless Consumer Partners.

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Luke’s Lobster founder and CEO Luke Holden said: “Closing on this funding coming from such highly value-added investors provides significant financial resources as well as customer-facing expertise to continue growth in our restaurants, branded consumer packaged goods, and wholesale seafood lines of business.”

Established in October 2009 by Luke Holden and Ben Conniff, Luke’s Lobster began with a 250-square-foot location in New York City’s East Village area.

In 2018, the company, headquartered in Saco in Maine, earned B Corporation certification.

Relentless Consumer Partners praised Luke’s Lobster as a “leader” in “responsibly sourced” seafood with a “substantial untapped opportunity for growth”.

John Burns, CEO at Relentless Consumer Partners, said: “Luke’s checks every box: exceptional product quality, unwavering mission, and a passionate customer base.”

Luke’s Lobster has been a “longstanding” supplier for Whole Foods. Jennifer Coccaro, vice president for meat and seafood at the retailer, said: “We look forward to what’s next for Luke’s Lobster, and continuing our longstanding collaboration with a brand that is beloved by our stores and customers.”

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