Belgian retailer Colruyt Group has increased its stake in Smartmat NV, the company behind meal box brand Foodbag, to 100 percent.
Previously holding 41.36 percent, Colruyt Group has now acquired the remaining shares from Korys Investments NV and the company’s founders.
Foodbag, a major player in Belgium’s online fresh food market, delivers meal boxes nationwide, offering a flexible, high-quality service with sustainable sourcing. The company collaborates with over 100 local suppliers and allows customers to choose from 35 dishes weekly, with home delivery or pickup options.
Smartmat has seen strong growth in recent years, outpacing the market, with a revenue of approximately 50 million euros and an EBITDA margin exceeding 10 percent in 2024. CEO Jessie Maras emphasized the brand’s continued autonomy under Colruyt Group’s ownership.
The acquisition strengthens Colruyt Group’s position in the online food sector, aligning with its focus on convenience, local sourcing, and sustainability. The transaction, valued at around 50 million euros, will be reflected in Colruyt’s financials for 2025/26.
