Portland, Maine, U.S.A.-based Luke’s Lobster is planning to expand its seafood product distribution at retail stores, as well as its restaurant footprint, through new growth equity financing led by investment firm Relentless Consumer Partners in participation with grocery chain Whole Foods Market.
Luke’s announced that the new investment capital will go toward expanding its branded consumer packaged goods product offerings to sustainable seafood species beyond lobster and increase its distribution footprint. Whole Foods already features a line of branded Luke’s products, including Wild-Caught Lobster Meat, Pre-Split Lobster Tail with Roasted Garlic Butter, Lobster Cakes, Lobster Ravioli with Lemon Parmesan Sauce, Lobster Ravioli with Vodka Sauce, Lobster Mac and Cheese, and Twin Lobster Tails.
Luke's Lobster has been a longstanding supplier to Whole Foods and was named as the retailer’s Supplier of the Year in 2018.
"Our customers consistently look to Whole Foods Market for an unparalleled seafood selection that meets our rigorous standards for sustainability and quality, as well as our Seafood Code of Conduct," Whole Foods Vice President of Meat and Seafood Jennifer Coccaro 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.”
In addition to expanding its retail offerings, Luke’s also plans to use the new financing to open new restaurant locations across the U.S. This would be in addition to the 28 shacks in cities across the U.S., along with six in Japan and three in Singapore, that the chain already operates.
“Since day one, Luke's has been laser‑focused on building transparent supply chains that deliver industry leading value to harvesters, cut out middlemen, and offer premium seafood at the best price to our customers. Our vision is to become the world's most trusted seafood company, and this investment is a validation and accelerant toward achieving that mission,” 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.”
Luke's current leadership team will maintain day‑to‑day operational control after receiving the financing, while Relentless Consumer Partners and Whole Foods Market will provide strategic guidance and resources to the chain.
