Grocery-Deliverer Misfits Market to Acquire Imperfect Foods (1)

Online grocer Misfits Market Inc. said Wednesday it will acquire competitor Imperfect Foods Inc., bringing together a pair of companies that sell consumers sometimes-weird-looking food that might otherwise end up in landfills.

Misfits declined to share financial details of the mostly stock deal. Chief Executive Officer Abhi Ramesh said Misfits expects the combined business to have a valuation that’s greater than the sum of the two closely held companies.

New York-based Misfits was valued at $2 billion a year ago, while San Francisco-based Imperfect Foods was valued at $700 million in January 2021. Ramesh will lead the combined company, ...