PHILADELPHIA — Digital convenience retailer goPuff entered into a definitive agreement to acquire BevMo! for $350 million.
BevMo! is an alcoholic beverage specialty retailer in the western United States, with 161 stores in 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," said Rafael Ilishayev, goPuff co-founder and co-CEO. "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."
The deal significantly accelerates goPuff's entry into California. BevMo's! neighborhood stores provide the infrastructure for goPuff to integrate into its network of local micro-fulfillment centers, allowing customers to receive their deliveries in 30 minutes or less, the company said.
"BevMo! has an extremely loyal customer base and a deep infrastructure across three states," said Yakir Gola, goPuff co-founder and co-CEO. "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."
Philadelphia-based goPuff currently operates more than 200 micro-fulfillment centers servicing more than 500 U.S. cities.
"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," said 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 expected 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.