Whole Foods Market has made a strategic investment in Luke’s Lobster, a family-owned seafood business based in the US.
Owned by Amazon, the US grocer has participated in a “minority growth equity financing” round led by Relentless Consumer Partners, a US private equity firm.
The specific terms of the investment have not been disclosed.
According to a statement from Luke’s Lobster, the new capital will enable the company to expand its consumer product line and enhance distribution capabilities.
Moreover, the funding will “support” the opening of additional Luke’s Lobster restaurants across the US.
Importantly, the current management team at Luke’s Lobster will maintain oversight of daily operations, while receiving additional support from Whole Foods and Relentless Consumer Partners.
Luke Holden, founder and CEO of Luke’s Lobster, emphasized: “Closing on this funding 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.”
Founded in October 2009 by Luke Holden and Ben Conniff, Luke’s Lobster began its journey in a modest 250-square-foot location in New York City’s East Village.
By 2018, the company, now headquartered in Saco, Maine, achieved B Corporation certification.
Relentless Consumer Partners recognized Luke’s Lobster as a “leader” in “responsibly sourced” seafood, citing a “substantial untapped opportunity for growth.”
John Burns, CEO at Relentless Consumer Partners, noted: “Luke’s checks every box: exceptional product quality, unwavering mission, and a passionate customer base.”
Additionally, Luke’s Lobster has served as a “longstanding” supplier for Whole Foods. Jennifer Coccaro, vice president for meat and seafood at the retailer, stated: “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.”
