The Belgian Colruyt Group will take complete ownership of Smartmat, the company behind the Foodbag meal boxes, further strengthening its position in the online food market.
Impressive growth
Foodbag delivers weekly meal boxes throughout Belgium and works with more than 100 local suppliers. Customers can choose from 35 dishes each week, without subscription. Customers can choose for home delivery (by Foodbag’s own delivery staff) or collection at Colruyt’s more than 100 Collect&Go pick-up points. Kits are also sold in Okay stores – another Colruyt brand.
The company has experienced an impressive growth in recent years, both in terms of number of customers and number of orders per customer. In 2024, Smartmat realised 50 million euros in sales and an EBITDA margin of more than 10 %. Moreover, the company still sees great potential.
Building market leadership
Colruyt Group already held a 41.36 % stake in Smartmat since February 2022, but now the group will also acquire the 41.36 % stake of Korys (the holding company of the Colruyt family) and the 17.28 % stake of the remaining founders. The retailer says it wants to further extend its market leadership in the online food market while continuing to focus on more convenience for customers.
Smartmat co-founder Stéphane Ronse already stepped aside earlier this year: he was succeeded as CEO by Jessie Maras, former head of marketing and online sales at Collect&Go. However, he remains a board member and also remains closely involved with the company operationally.
