West Coast Big Box chain BevMo! has sold to the digital delivery service goPuff.
The purchase price is reportedly $350 million, which includes BevMo!’s footprint of 161 stores throughout California, Arizona and Washington.
“We’re proud to bring goPuff’s operations to California, and look forward to investing in talent and real estate across the state,” says goPuff Co-founder and Co-CEO Rafael Ilishayev. “Partnering with BevMo! quickly advances our strategic objectives of providing more customers in new geographies with a seamless solution for their instant needs. Through this acquisition, goPuff will operate coast-to-coast, solidifying our presence as a leading, national consumer business.”
With a distribution network of 200-plus fulfillment centers, goPuff currently serves customers in more than 500 U.S. cities. The acquisition accelerates goPuff’s entry into California, the company says, providing millions of new customers in BevMo!’s network of neighborhood stores, with access to immediate delivery of everyday items, including baby and pet products, cleaning supplies, food and alcohol, along with local items.
“BevMo! has an extremely loyal customer base and a deep infrastructure across three states,” says goPuff Co-founder and Co-CEO Yakir Gola. “Bringing its iconic brand, locations and employees together with goPuff’s tech-driven, vertically integrated operating model positions us for unparalleled opportunity. We’re thrilled to welcome BevMo! employees to the goPuff team and look forward to building relationships with these new local communities.”
The BevMo! stores will provide infrastructure for goPuff to integrate its network of fulfillment centers, the company says, enabling the digital delivery service to reach customers across the West Coast in 30 minutes or less.
“Joining goPuff, a company that has created a truly differentiated approach and defined the instant needs category, will allow us to better meet our consumers’ evolving needs, including delivering everyday essentials directly to their doorstep,” says Josiah Knutsen, CEO of BevMo!. “We look forward to helping introduce goPuff to California and working together to further enhance the experience for BevMo! customers and our communities at large.”
The transaction is anticipated to close within 30 days, subject to customary closing conditions.
Evercore acted as financial advisor to goPuff in connection with the transaction. Cooley LLP acted as goPuff’s legal advisor.
J.P. Morgan provided financial advisory services to BevMo! Kirkland & Ellis LLP acted as BevMo!’s legal advisor in connection with the transaction.