Portland, Maine-based Luke’s Lobster has closed on minority growth equity financing led by Relentless Consumer Partners with participation from Whole Foods Market.
“Since day one, we have been laser‑focused on building transparent supply chains that deliver industry leading value to the 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 towards achieving that mission,” said Luke Holden, founder and chief executive officer of the Certified B Corporation. “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.”
Relentless Consumer Partners, an investment firm specializing in brands that redefine the consumer experience, identified Luke’s Lobster as a leader in sustainably sourced seafood and consumer loyalty, with a substantial untapped opportunity for growth.
“Luke’s checks every box: exceptional product quality, unwavering mission, and a passionate customer base,” said Relentless Consumer Partners CEO John Burns. “We’re thrilled to help support Luke and the team in accelerating the next phase of growth without compromising the brand’s core values.”
For Whole Foods Market, participation in the investment round deepens the relationship with Luke’s Lobster, a longstanding supplier for the retailer that was awarded top honors in 2018 as Whole Foods Market’s Supplier of the Year, and sets the stage for Luke’s Lobster to continue the growth of their seafood business as a whole including across a variety of seafood species beyond lobster.
“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,” said Jennifer Coccaro, vice president of meat and seafood at Whole Foods Market. “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.”
The investment capital will expand Luke’s Lobster’s branded consumer packaged goods product offerings and distribution footprint, support new restaurant openings around the country, and drive innovation and growth within the seafood industry as a whole.
Under the terms of the transaction, Luke’s current leadership team will maintain day‑to‑day operational control, while Relentless Consumer Partners and Whole Foods Market will provide strategic guidance and resources.
About the Company
Luke’s Lobster was born out of the dream of Maine native and third-generation lobsterman Luke Holden to bring the quality, affordable lobster rolls of his youth to consumers in New York City. After meeting co-founder Ben Conniff on Craigslist, the two twenty-somethings, along with Luke’s dad, Jeff Holden, who is the very first licensed lobster processor in the state of Maine, opened their first lobster shack in a 250-square-foot space in New York’s East Village in October of 2009. Nearly 16 years later, the family business now includes Luke’s brothers Bryan and Mike.
Luke’s furthered its growing seafood company’s commitment to sustainability and socially conscious business practices by becoming a Certified B Corporation. Today, Luke’s is ranked as the highest scoring Certified B seafood company in the United States.
