Peckwater, which already operates from 500 sites in the UK, US, France, Belgium and the United Arab Emirates, will expand its international presence by adding HFC’s operations in Finland, Sweden, Hungary and in Czechia.
Founded in 2019, Peckwater Brands creates delivery-only food brands delivered through a “data-driven software solution” that are prepared in kitchens around the world alongside their day-to-day operations.
The company operates a mix of licensed brands spanning multiple categories including chicken (Seoul Chikin, Flip the Bird, Katsu), burgers (Dukes, Proper Tasty) and has also managed co-brands with partners such as Unilever, Buzzfeed and Heinz.
The decision to acquire Honest Food Company comes shortly after Peckwater’s £15m Series A funding round in June 2022, which was backed by Stonegate Group, SBI Investments, Fuel Ventures and Pembroke VCT.
This funding round brought the company’s post-money valuation to £65m, accelerating its expansion into new markets and a secondary software offering.
Honest Food Company is owned by Delivery Hero, having been acquired by the Germany-listed delivery aggregator in 2020.
Leo Bradshaw, Executive Chairman of Peckwater, said, “We are delighted to bring together the excellent operations of HFC under the Peckwater banner. Under the ownership of Delivery Hero, HFC has established a leading position in the European market, and combining this with the UK’s largest domain will create Europe’s largest virtual branding operation.
“We announced our intention to accelerate our international expansion with our Series A financing, and this represents a huge step forward for Peckwater Brands. Having opened our French and Belgian operations organically within three months of our financing round, we are delighted to add operations in four more mature markets. »
Sam Martin, CEO of Peckwater, added: “The growth and development we have seen at Peckwater in recent months has been amazing – the dedication of our team and their flawless execution of our strategy has been integral to our success.
“The HFC team has shown the same level of focus, talent and opportunity in building their impressive position in the European market. With their brands now under our banner, I’m sure our rate of growth will only be not just sustained, it will accelerate further.