- goPuff, a delivery startup, acquires BevMo for $350 million
- Acquisition with BevMo can accelerate its expansion into California
- The deal is expected to close within 30 days
GoPuff is a startup that delivers everyday essentials. It includes cleaning supplies, home needs, and OTC medications to food drinks in just minutes. The company is making a big acquisition this time. It is to acquire alcoholic beverage chain BevMo.
BevMo is a privately held corporation in Concord, California. It mainly sells alcoholic beverages. The company was founded in January 1994 in the San Francisco Bay area. It was rebranded as “BevMo” in January 2001.
By October 2009, it had 100 stores in Arizona and California.
The Acquisition
goPuff has reached an acquisition agreement for a price of $350 million. The company hadn’t drawn much media attention until recently, even after operating in more than 500 US cities.
This brought the total funding of the company to $1.35 billion. The company is making an even bigger move after acquiring an iconic retailer. BevMo operates 162 stores throughout California, Arizona, and Washington. The acquisition will help the company to accelerate its expansion into California.
goPuff can now surely promote delivery offerings to BevMo’s brick-and-mortar customers. The company will also integrate some of BevMo’s brick-and-mortar stores into its micro fulfillment network. On the other hand, there will be no change in the customers’ experience in stores.
“We’re proud to bring goPuff’s operations to California. We look forward to investing in talent in real estate across the state. Partnering with BevMo! quickly advances our strategies”, said co-founder and co-CEO Rafael Illishayev.
