NJBIZ

Wells Fargo changes Business Banking structure N.J. now part of independent Northeast region

Wells Fargo has restructured its Business Banking Group, it announced recently, shifting from three regions to seven and creating a new national industry group in a series of moves that affect New Jersey oversight.

New Jersey remains part of the newly separated Northeast region, led by John Cole, a veteran of 17 years with Wells Fargo. In his new role, he will oversee Business Banking Group operations in New Jersey, New York, Pennsylvania, Connecticut and Delaware, in addition to leading the business banking expansion into Massachusetts, Ohio and Western Pennsylvania.

Cole had led the Northeast region when it was part of the larger Eastern region.

The Northeast will be one of seven separate regions for the business banking operation, including the East, Midwest, Mountain, Pacific Northwest, SoCal Nevada and Southwest areas.

Lucia DiNapoli Gibbons, who has been with Wells Fargo for 15 years, will continue to lead the East region. That sector now includes Washington, D.C., as well as Maryland, Virginia, North and South Carolina, Tennessee, Georgia, Alabama, Mississippi and Florida.

Both Cole and Gibbons will remain based in the bank’s Summit office.

“We created the new regional structure and established the specialized industry group to be closer to our business banking customers and continue to provide them with the financial services, products and advice they need to manage risk, maximize efficiency and grow their business,” Laura Oberst, head of the Business Banking Group, said in a prepared statement. “This is an important and growing segment for Wells Fargo, and we want to ensure we are best positioned to serve the needs of our customers.”

As part of the changes, Wells Fargo has created a National Specialty Industry Group, which will be led by Don Fracchia, a 37-year company veteran. He had been the head of the former Pacific Midwest region.

Wedgewood Pharmacy opens 14K sq.ft. customer service center

Wedgewood Pharmacy, the nation’s largest animal-health compounding pharmacy, announced this week that it has opened a new customer service center at its Swedesboro headquarters.Wedgewood Pharmacy, the nation’s largest animal-health compounding pharmacy, announced this week that it has opened a new customer service center at its Swedesboro headquarters.

The company said in a news release that its 14,000-square-foot, state-of-the-art center expands its pharmacy, warehouse and office facility to 54,000 square feet in total. As a compounding pharmacy, Wedgewood specializes in creating personalized medications for patients made to a doctor’s specific prescription.

“When we moved into this facility in 2003, we had 30 employees,” CEO and President Marcy Bliss said in remarks at the ceremony. “Now, almost 350 people here serve hundreds of thousands of prescribers and their patients through the U.S. with the personalized medicines that are critical when mass-manufactured drugs are not appropriate for a patient. Compounding represents both the historical roots of pharmacy and the future of personalized medicine.”

The grand opening ceremony was attended by officials including Assemblyman Adam Taliaferro (D-Salem); Tom Bianco, director of the Gloucester County Department of Economic Development; Logan Township Councilwoman Bernadine Jackson; and Gloucester County Freeholder Heather Simmons, the pharmacy said.

“It is so important to us here in Gloucester County to honor you, the employees of Wedgewood,” Simmons said. “This company started in Gloucester County and, when you had an opportunity grow, you chose to stay in Gloucester County. Now, you are hiring more and more people from the county and the area and expanding, here. That’s the vision for what we want to do in terms of economic (growth), not only for Gloucester County, but for the region.”

The new center will utilize cloud-based technology to expand prescription services for veterinarians, pet owners, caregivers and patients, Wedgewood said. It will employ 76 people, and has capacity for 110 total staff.

Wedgewood serves both veterinary practices and human health practices. Its majority owner is Chicago-based New Harbor Capital.

There’s life after a layoff when you’re over 50. Here’s how I did it

I’m a “public relations director” at PwC, but that says very little about what I actually do. Or the background I bring to the table.I make my mark building relationships and demystifying complicated topics so people can tell their stories and others can understand them. The expertise I employ at PwC is more than 25 years in the making.

It’s how I got this job.

It’s how I survived a layoff after the age of 50.

And you can do it, too.

My previous career is a story like many in the world of journalism: I worked my way up the ranks, had great jobs and amazing experiences. I was an executive producer at Bloomberg Television and a senior producer at CNBC before that. I created financial television programs and worked with anchors and reporters to make them better at presenting their stories and shows. I had a tremendous camaraderie with like-minded and driven individuals focused on telling great stories.

Of course, I did all of this in a business that has been going through upheaval. While the media universe seems to be ever-expanding on the internet, it is actually shrinking when it comes to actual, long-term careers. After several decades of service, it was clear I’d be part of a reduction. For me, waiting out the inevitable was much worse than when the “buyout” offer actually came. Being able to face the future was liberating.

I won’t say it wasn’t hard. And I wasn’t alone.

Following the financial meltdown, a number of other colleagues went out the door with me. Around the same time, acquaintances from across the industry faced the same fate. This was 2010, and the industry was getting splintered both by economics and changing technology.

We each confronted the layoffs in our own way. No question it’s a highly emotional time that forces you, like it or not, to question your path and even your professional value. But from the moment I left the building, I resolved that this was going to be the best thing that ever happened in my career.

There I was at 52, and for the first time since going off to college this was an opportunity to take a step back, to look around, to evaluate, and ask myself, “What do you really want to do?” My career decision had been made by a 19 year old. Was he right?

With all of my experience and all the hard work I’d put forward over all that time, how did I want to leverage that for my future? I accepted that changing direction was probably not the easiest choice here but the prospect of new challenges was exhilarating. I wanted to move ahead and move on. I could see that the reward in testing myself.

I started by using my business reporting experience and working for three years in wealth management. With that under my belt, I shifted to focusing more on the public relations aspects of the financial sector. Two years ago this summer, I joined PwC in the role I’m in today.

And here’s what struck me: It wasn’t so much about changing careers, but re-inventing myself.

It’s surprising how much the skills employed telling stories in newsrooms over the years are applicable to the business environment of today. In many ways, I’ve just traded one newsroom for another. As I work today helping PwC partners and other executives tell the stories of their products and services, it’s very similar to working with the anchors and correspondents from my previous career. In the end, it’s about telling stories in accessible ways and working in a collaborative environment, building relationships and making connections.

Within PwC, I’ve found a community of highly talented individuals ready to share and learn. I work with a number of people where we have a dual-direction-mentor relationship. I’m pretty adept at social media but not a resident expert, so I will turn to my junior colleagues for some of the intricacies. And I’d like to think I’ve become a valuable mentoring resource for those same junior colleagues, as they figure out how to balance work and life and adjust and thrive within a corporate work environment. We all learn from each other.

And we’re all there for each other: When the company realized my son was acting in an off-Broadway play, a group was organized to attend, all gathering for dinner beforehand. It was remarkable.

Today, I am the sum total of my experiences and expertise as applied. I wake each day excited about the challenges my work offers me, the contributions I can make, and validated for my choices since reinventing my career.

While most people refer to themselves professionally as a noun, I like to describe myself as a verb. An action more than a thing. Execution over title. For my part, when it comes to PwC, I’m a verb probably combined with an adverb for emphasis. I love helping my colleagues tell stories about what we do here. And while I’m much further from the broadcast newsroom than I thought I’d ever be, my career at PwC is rewarding in as much as what I contribute as I get in return.

Edward Caldwell is a public relations director at PwC. In a previous work lifetime, he was a producer at both Bloomberg Television and CNBC.

The 101 on surprise medical bills

You may have heard that a small percentage of New Jersey physicians do not participate in some insurance networks. You may have even been billed by one. I hope to clarify why you get billed.If physicians are in network, they face onerous contract terms, low payments and constant second-guessing of treatment plans, including denials of coverage for medicine and procedures. If they are out-of-network, they risk even lower payments.

Underpayments by insurers are systematic in New Jersey and nationally. Insurance companies shirk payment responsibilities until they are caught. For example, in 2007, Aetna was assessed almost $10 million for underpaying physicians; $530,000 for “failure to limit a covered person’s liability for services rendered by non-participating providers;” another $530,000 for failing to keep members free from balance bills, $650,000 for misrepresenting their obligation to pay out-of-network claims; and almost $8 million for failing to pay claims fairly, promptly and in good faith. Though the final settlement amount was less, these multi-million dollar settlement costs are much higher than sporadic payments that must be made for complicated out-of-network surgeries. Along with high administrative costs (the U.S. is highest in the world) and bloated executive salaries, these health insurance industry practices are what truly cost consumers.

In 2015, Oxford Health Insurance Inc., Oxford Health Plans (NJ) Inc. and UnitedHealthcare Insurance Co. used the same pattern of underpayments, failing to provide coverage for their members. They deliberately misrepresented patient cost sharing and underpaid doctors, forcing patients to pay the bills instead. Again, it took action from DOBI to stop the behavior, with a $300,000 fine.

The most insidious underpayment scheme involved Ingenix. Ingenix was the database used to determine physician payments by several insurance companies. The database was rigged to underpay providers, again leaving patients to pay the bills. UnitedHealthcare, which owned and operated Ingenix, paid $350 million in a settlement when the scheme was exposed in 2009. The case made national headlines. This makes the 2015 scheme by UnitedHealthcare that much more brazen.Aetna and Horizon Blue Cross and Blue Shield of New Jersey were also punished for using the database.

A more recent example is the new policies of small employer and individual plans in New Jersey. They recently slashed out-of-network provider payments, knowing patients will have to pay more, even after choosing expensive plans to cover this care. This is also being litigated.

The latest example shows that insurance companies are still deliberately underpaying emergency room physicians under a federal law. Like New Jersey laws, this federal law aims to protect patients from physician bills. But, insurers need to be reminded to use premium revenue to pay for care. They are again violating law, letting patients pay the bills. Physicians filed suit this year to protect their patients.

As if underpayments were not enough, Horizon Healthcare of New Jersey Inc. was fined $150,000 in March for attempting to take back physician payments without providing statutorily required notice and appeal rights. Physicians constantly face payment insecurity.

These examples involve multibillion-dollar insurance companies that push costs on providers and patients. It is no surprise physician morale is dangerously low, with suicide rates going up, and patients are delaying care. We all pay for health insurance to cover our care. Are you getting what you pay for?

Larry Downs is CEO of the Medical Society of New Jersey.

Leading Women Entrepreneurs announces 2017 honorees

Leading Women Entrepreneurs continued its efforts to recognize the top females in the workforce in New Jersey with the announcement of 75 honorees last week.

The women were selected in three main categories: entrepreneurs, intrapreneurs and brand builders. In addition, another honoree was selected as the first socialpreneur.

The selections were made from hundreds of nominations, according to LWE founder and CEO Linda Wellbrock.

“This prestigious group of women was selected out of hundreds of impressive nominations based on their strong business acumen and ability to both influence and inspire within their respective industries,” Wellbrock said.

“The women we recognize are amazing role models for women in entrepreneurship and business everywhere. Their tremendous accomplishments are representative of the increasing impact women are making in the world of business. Every year, we continue to be blown away by how many successful women are nominated for the Top 25.”

The women will be honored at three separate events in the fall: brand builders (Sept. 22 at Fiddlers Elbow Country Club in Bedminster), intrapreneurs (Oct. 16 at the Liberty House in Jersey City) and entrepreneurs (Nov. 13 at the Liberty House).

“These recognition events are a part of the Leading Women Entrepreneurs and Business Owners Initiative, an honor open to women who have, through their hard work and resulting success, helped make significant strides in advancing our economy,” Wellbrock said.

The 2017 honorees:

Entrepreneurs

Valerie Ablaza, The Plastic Surgery Group
Lisa Chowansky, HC Constructors Inc.
Rachel Cyzner, Cyzner Properties
Karen Davis-Farage, Pole Position Raceway
Rosanne DeTorres, DeTorres & DeGeorge Family Law
Jo-Anne Dressendofer, Slice
Yanina Fleysher, Yanina & Company
Elizabeth Gearhart, Gearhart Law
Cheryl Gentry, Glow Global Events
Andrea Giordano, Like Brand News
Vedrana Gjivoje, Bernardsville Animal Hospital LLC
Christina Lombardi, Christina Lombardi; Nicole Lombardi, Mutt’s On Main; Gabriella Lombardi, Sorellina
Ana Lucas, Starlite Electric
Dee C. Marshall, Raise The Bar LLC
Ann Mazza, Vito Mazza Salon & Spa / Hair & Scalp Wellness
Donnica Moore, Sapphire Women’s Health Group LLC
Michelle Pais, Signature Realty NJ
Jaime Raskulinecz, Next Generation TS LLC
Caroline Shelly, HF Planners, LLC
Kamakshi Sivaramakrishnan, Drawbridge
Sheri Spiro, Ad Magic
Ann Tardy, Life Moxie Mentoring & Leadership
Terry Tateossian, Socialfix Media
Diane Turton, Diane Turton Realtors
Shante Williams, Rogers Williams Capital Partners

Intrapreneurs

Karen Barnes, Woodbridge Metro Chamber Of Commerce
Mary Ann Beltz, Valley National Bank
Alexis Breslin, Solidia Technologies
Allison Colantuoni, Maser Consulting
Linda Corso, Turner Construction Company
Chris Costello, AT&T
Michellene Davis, RWJBarnabas Health
Helen Flores, Metro YMCA of the Oranges, West Essex YMCA Branch
Kim Fox, Johnson & Johnson
Sylvie Gadant, Citrin Cooperman
Anna Marie Gewirtz, State Theater New Jersey
Sally Glick, Sobel & Co.
Regina Hartley, UPS
Ana Kaplun, ExxonMobil Research and Engineering
Lynn Killien, HUB
Michelle Lifschitz, CohnReznick
Elena Polansky, Pfizer
Michelle Schaap, Chiesa Shahinian & Giantomasi
Suzanne Midlige, Coughlin Duffy
Bernadette Sohler, Middlesex Water Company
Angela Stelle, Dun & Bradstreet
Lizzy Straus, CareOne
Rose Suriano, Brach Eichler LLC
Jessica Viotto, PNC Bank
Ronnie Weyl, Raritan Valley Community College

Brand builders

Kari Abrahamson, McCarter & English
Kim Alvarez, NJ Advance Media
Elizabeth Barry, Elizabeth Barry Consulting
Linda Cutler, Empire Valuation Consultants
Kim De Rienzo, Tailored Image
Jill Draper, Marketsmith
Rachel Durkan, Paradigm Marketing and Design
Veronica Fielding, Digital Brand Expressions
Susan Frech, Social Media Link
Meg Fry, NJBIZ
Tara Gilvar, Believe Inspire Grow – B.I.G.
Pam Golden, GLA Communications
Marcia Jeffers, Sills Cummis & Gross P.C.
Carrie Kane, CI-Group
Jessica Levin, Seven Degrees Communications
Victoria Llerena, Social Vibes Media
Kitta MacPherson, Rutgers
Joan McGeough, The DAK Group
Noreen McNicholas, Affinity Health Plan
Katherine O’Hara, The O’Hara Project
Jeanne Rice, Rice Associates PR Inc.
Sheila Robinson-Kiss, SRK Consulting and Educational Services
Marlene Waldock, 1st Impression Communications LLC
Sharon Waters, Feliciano Center for Entrepreneurship, Montclair State
Nancy Witt, Sweetwater Construction Corp.

Socialpreneur

Julie Lineberger, Wheel Pad L3C

RJ Brunelli Co. announce leases throughout the state

Old Bridge-based commercial brokerage RJ Brunelli & Co. recently announced it brokered leases with a number of retailers around New Jersey, including Dollar Tree, Max Challenge and more.Old Bridge-based commercial brokerage RJ Brunelli & Co. recently announced it brokered leases with a number of retailers around New Jersey, including Dollar Tree, Max Challenge and more.

The firm’s recent activity includes:

12,230 square feet for Dollar Tree at Plainfield Plaza, 249 E. Front St., Plainfield;
10,200 square feet for Dollar Tree on Route 37, Toms River;
10,000 square feet for Dollar Tree at Bergen Point Retail Center in Bayonne;
9,100 square feet for Dollar Tree at 42 N. Blackhorse Pike, Bellmawr;
9,300 square feet for Dollar Tree at 85 Route 70, Marlton;
6,554 square feet for Bar Louie at Plaza at Woodbridge in South Iselin;
6,500 square feet for a Montessori preschool at 941 Route 35, Middletown;
3,145 square feet for 7-eleven at 671 Broadway in Long Branch;
2,775 square feet for Max Challenge at 35 Main St., Madison;
2,300 square feet for Max Challenge at 700 Harmon Plaza, Secaucus;
2,800 square feet for Max Challenge at 300 S. Lenola Road, Maple Shade;
2,640 square feet for Eastern Dental at 450 Hackensack Ave., Hackensack;
2,490 square feet for Max Challenge at 80-88 Hartford Road, Moorestown;
2,400 square feet for Max Challenge at 90 Highway 9 S., Bayville;
1,872 square feet for UPS at Mounts Corner Shopping Center, Freehold;
1,512 square feet for Barb’s Bagels at the Shoppes at Pierce Street in Somerset County;
1,290 square feet for Boost Mobile at 198 New Hampshire Ave., Lakewood.

RJ Brunelli also completed leases in Florida and Pennsylvania.

Mt. Laurel thermal product maker buys induction heating systems company

InTEST Corp., a Mount Laurel-based maker of thermal management products, has acquired a provider of induction heating systems based in New York state, it announced Wednesday.InTEST Corp., a Mount Laurel-based maker of thermal management products, has acquired a provider of induction heating systems based in New York state, it announced Wednesday.

The company paid $22 million in cash for Scottstville-based Ambrell Corp., it said in a news release, subject to a post-closing working capital adjustment. The deal for all of privately-held Ambrell’s outstanding stock could grow by as much as $18 million in additional considerations based on 2017 and 2018 earnings, the company added.

“We are very excited about the combination of these two organizations, and we welcome the Ambrell team to inTEST,” inTEST Chairman, CEO and President Robert E. Matthiessen said in a prepared statement. “The Ambrell acquisition will complement our current thermal technologies and broaden our position in industrial markets with a diverse customer base in a broader manufacturing space, including in many emerging markets, consumer product packaging, fiber optic, automotive and other markets.

“This transaction increases our capabilities, reach and value proposition, benefiting our customers, and advances our strategy of expanding our presence in new markets across the technology landscape — further growing and transforming inTEST Corp. into a broad-based thermal solutions company, while continuing to supply our valued customers in the semiconductor test arena.”

Upon the close of the deal Wednesday, Ambrell became a wholly owned subsidiary of inTEST.

“I am confident that Ambrell’s customers and employees will benefit significantly from the potential advantages of being part of a larger industrial equipment company,” Ambrell President Anthony Mazzullo said in a statement. “We expect to uncover exciting new opportunities for our employees, customers and supply chain.

“The Ambrell team is looking forward to working with the inTEST team to leverage the respective strengths of our organizations.”

Ambrell, which has offices in the U.S. and Europe, as well as partners in Europe and Asia, serves markets including automotive, aerospace, medical, packaging and more, inTEST said. The company estimates the global market for Ambrell solutions at more than $400 million.

Inspira breaks ground on Mullica Hill facility, hopes to open facility by end of 2019

Inspira Health Network broke ground on its new Mullica Hill facility Wednesday, the next step in what CEO John DiAngelo said has been a five-year process to upgrade the system.

The hospital, which will be located on a 100-acre parcel on the West Campus of Rowan University in Glassboro, will serve as a new campus for the system as it phases out the use of its Woodbury location.

The Woodbury campus will maintain an emergency department, medical imaging and behavioral health services.

Inspira, which received approval from the Department of Health in March, hopes to open the facility in December 2019.

The new location will have 200 beds (100 fewer than the existing Woodbury location), but DiAngelo said the new location is slated to grow in areas of cancer care and senior care, and the reduced beds fall in line with the push in the industry to outpatient services.

“I hired the best crystal balls I could find when we started down this route,” DiAngelo said.

The DOH approval in March stated that the new facility would allow Inspira to upgrade rather than renovate the existing, limited space, as well as allow a better infrastructure through the institutional support with Rowan.

The 204-bed, more than 467,000-square-foot facility is anticipated to cost $350 million to build, over two years. Inspira has citing declining patient volumes at the existing Woodbury location as a reason for the move, as well as the cost of renovation being higher than a new building.

“Today’s groundbreaking is a great day for Gloucester County and all of South Jersey,” New Jersey Senate President Steve Sweeney (D-West Deptford) said. “I believe Inspira Medical Center Mullica Hill will ensure that the people of Gloucester County continue to be provided with the high quality medical services they need today and long into the future.

“This new hospital in Harrison Township, and Inspira’s commitment to maintaining a presence in Woodbury, will give residents greater options and accessibility when it comes to their well-being.”

In the DOH approval, Commissioner Cathleen Bennett said the company had a 10 percent operating margin and could comfortably fund the project.

Inspira said Wednesday the cost of construction, equipment and furnishings will be paid from Inspira’s reserves, dollars raised through philanthropy and the issuing of bonds.

“We are very pleased to have received so much support in bringing a new hospital to Gloucester County,”DiAngelo said. “Inspira Medical Center Mullica Hill will ensure that our network will be able to meet the growing and changing health care needs of Gloucester County residents — with high quality care and convenient access — for decades to come.”

The new hospital will feature:

204 all-private patient rooms;
The latest in medical and communication technology;
Home-like birthing suites;
A pediatric emergency department with adjacent inpatient unit;
A comprehensive cancer program;
Emergency angioplasty for heart attack patients; and
Smart Room technology designed to enhance patient safety and the patient experience.

Construction jobs will peak at approximately 400 during the height of construction. Upon opening, about 1,400 employees will work at the new hospital.

In addition, DiAngelo said, the hospital will expand its partnership with Rowan, focusing on the residency programs, research and expanding internship programs.

“Normally, when you think of interns you think of clinical things … they’ve got significant programs in IT and engineering, which we are looking to work with students,” he said. “The goal is to try to expand on that front as well.”

Coughlin declares candidacy for Assembly speaker

Assemblyman Craig Coughlin made it official Wednesday: He’s running for Assembly speaker. And, he said, he has the support of more than half his caucus.The Democrat, who represents the Woodbridge region, will challenge incumbent Speaker Vincent Prieto (D-Secaucus). Prieto recently announced he would be seeking another term in the position, as well.

In a news release, Coughlin listed 28 Assembly members or candidates — including himself — who he said have publicly supported his bid.

“I am truly humbled by the support, encouragement and commitment that so many of my colleagues have openly displayed over the last few months since I have undertaken this journey,” Coughlin said in a prepared statement. “I have been meeting, listening and learning from my Assembly colleagues, and look forward to continued conversations regarding the important issues facing their individual districts and our state.”

Those Democrats whom Coughlin listed as supporters, primarily from central and southern New Jersey districts, included:

Bob Andrzejczak (Cape May Court House);
Arthur Barclay (Audubon);
Daniel Benson (Hamilton Square);
John Burzichelli (West Deptford);
Herb Conaway Jr. (Delran);
Joe Danielsen (Somerset);
Wayne DeAngelo (Hamilton);
Joann Downey (Ocean Township);
Joseph Egan (New Brunswick);
Jerry Green (Plainfield);
Lou Greenwald (Voorhees);
Eric Houghtaling (Ocean Township);
Gordon Johnson (Teaneck);
Patricia Egan Jones (Audubon);
Rob Karabinchak (Edison);
James Kennedy (Rahway);
Pamela Lampitt (Voorhees);
Bruce Land (Vineland);
Vincent Mazzeo (Northfield);
Gabriela Mosquera (Turnersville);
Nancy Pinkin (Edison);
Annette Quijano (Elizabeth);
Adam Taliaferro (Salem);
Andrew Zwicker (Skillman); and candidates
Yvonne Lopez (candidate in District 19 in South Jersey); and
Carol Murphy (candidate in District 7 in South Jersey).

There are currently 52 Democrats in the 80-person Assembly, with all 80 seats up for grabs in November’s election and the Democrats widely expected to maintain their control. The majority caucus will choose the speaker shortly after the election.

Prieto has served two terms as speaker.

Campbell Soup makes investment in Chef’d

Campbell Soup Co. announced Wednesday that it has invested $10 million in Chef’d, an e-commerce meal marketplace.

Camden-based Campbell Soup Co. announced Wednesday that it has invested $10 million in Chef’d, an e-commerce meal marketplace based iN California.

Campbell’s investment, which is part of the Series B round of funding for Chef’d, will help grow its e-commerce capabilities, it said.

This investment makes Campbell Chef’d’s largest strategic investor and will give it a seat on the company’s board of directors.

Under terms of the partnership, Chef’d will help with infrastructure and distribution of meal solutions through the Campbell’s Kitchen site. Campbell will benefit from Chef’d’s insight on e-commerce business models, access to data analytics and insights on shopper behaviors.

“E-commerce will transform the food industry in similar ways to how it transformed entertainment and apparel. It is a game changer for consumers, food makers and retailers alike,” said Denise Morrison, CEO and president at Campbell. “The movement is irrevocable and irreversible. In the future, shopping for and preparing meals will be flexible, fully automated and even anticipatory. Chef’d will help Campbell connect with our consumers where they are today and, more importantly, where they’re headed.”

“We are actively looking to add strategic partners and Campbell’s outlook on the future of food and e-commerce aligns perfectly with the Chef’d vision of the future of online grocery,” Kyle Ransford, CEO at Chef’d, said. “Both Campbell and Chef’d believe in continuing to drive innovation in the new food economy, particularly around consumer customization and e-commerce solutions.”

Campbell has projected e-commerce sales of food and beverages to reach $66 billion between 2016 and 2021, it said.

“We are fully committed to growing our e-commerce business with an emphasis on bold moves and rapid pace,” said Mark Alexander, president, Americas Simple Meals and Beverages at Campbell. “We are firm believers in building relationships with partners that share our vision while enabling us to rapidly learn, evolve and test new capabilities.”

Other investors in Chef’d’s Series B round include Fresh Direct.

DA Davidson & Co. acted as the exclusive financial advisor to Chef’d.

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Campbell Soup makes investment in Chef’d

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