US delivery start-up GoPuff has agreed to acquire BevMo!, an alcoholic beverage specialty retailer located in the West Coast, for $350 million.
The agreement comes less than a month after GoPuff raised $380 million in funding, which it said it would use to accelerate its geographic expansion and product offerings.
BevMo! operates 161 stores located throughout California, Arizona and Washington. Following the deal, GoPuff will integrate BevMo! into its network of local micro-fulfilment centres, expanding its nationwide reach with presence across the West Coast of the US.
By joining GoPuff’s operations in more than 500 US cities, BevMo! will provide its customers with access to instant delivery of food and home essentials.
“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,” said GoPuff co-founder and co-CEO Rafael Ilishayev.
Josiah Knutsen, CEO of BevMo!, added: “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.”
The transaction, which is subject to customary closing conditions, is expected to close within 30 days.
© FoodBev Media Ltd 2020