E-commerce delivery provider GoPuff will acquire BevMo alcoholic beverage specialty retailer for $350 million.
GoPuff operates more 200 micro-fulfillment centers across the United States that serve customers in over 500 cities. Headquartered in Philadelphia, it delivers thousands of products for a flat $1.95 delivery charge and is open 24/7 in some markets.
BevMo’s footprint includes 161 neighborhood stores located throughout California, Arizona and Washington, which GoPuff intends to integrate into its micro-fulfillment center network so it can reach customers across the West Coast in 30 minutes or less.
GoPuff co-founder and co-CEO Yakir Gola called out BevMo’s loyal customer base and infrastructure in a statement announcing the deal.
“Bringing its iconic brand, locations and employees together with GoPuff’s tech-driven, vertically integrated operating model positions us for unparalleled opportunity,” he said. “We’re thrilled to welcome BevMo employees to the GoPuff team and look forward to building relationships with these new local communities.”
“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, who joined the company late last year. “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.