Chef’d, the meal-kit delivery company which suddenly shut down business operations recently found a buyer of its assets in competitor True Food Innovations. Terms of the deal were undisclosed.

According to media reports, Chef’d ran out of money and was bought by a debtor that took over the company after it shut down on July 18. Approximately 350 employees were out of jobs following the announcement.

Chef’d sold meal kits on its website and in grocery stores and as recently as last summer, raised $35 million in funding. The company was backed by Smithfield, Va.-based Smithfield Foods Inc. and Campbell Soup Co.

True Food Innovations will take over the Chef’d brand as well as its plant and equipment, according to the press release filed on July 25.

Newport Beach-based True Food Innovations is a subsidiary of True Family Enterprise, an investment firm co-founded by husband and wife team, Alan and Twila True.

Manufacturing, retail and trade reporter Shwanika Narayan can be reached at [email protected] or 323-556-8351. Follow her on Twitter @shwanika.