CONCORD — BevMo!, a familiar name in Bay Area alcoholic beverage retailing, has been bought by an East Coast delivery startup, the companies announced Thursday.
The deal for the purchase of Concord-based BevMo is valued at $350 million, according to the buyer, goPuff.
goPuff gains access through the deal to the 161-store network operated by BevMo! in California, Arizona, and Washington state.
Customers of BevMo! will obtain access to quick delivery of alcoholic beverages as well as everyday items such as home products, cleaning items, food, drinks, and medications, the companies said.
Philadelphia-based goPuff has raised $1.35 billion in total funding, including a fresh round of $380 million that was raised from venture capitalists in October.
goPuff’s tech-powered business model is bolstered by a network of 200 micro-fulfillment centers and independent drivers.
The company offers consumers the delivery of products that typically would be found in convenience stores — and goPuff says it can make those deliveries within 30 minutes on a 24/7 basis.
Prior to this transaction, the goPuff website listed no California locations.
Once goPuff takes ownership of BevMo!, goPuff will have its first locations in California and the Bay Area.
“We’re proud to bring goPuff’s operations to California and look forward to investing in talent and real estate across the state,” Rafael Ilishayev, goPuff co-founder and co-chief executive officer, said in a prepared release.
goPuff believes it can fashion a coast-to-coast delivery network through its deal with BevMo!
“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, BevMo! chief executive officer.
The deal is expected to close within 30 days.
“BevMo! has an extremely loyal customer base and a deep infrastructure across three states,” Yakir Gola, goPuff co-founder and co-CEO, said in a prepared release.
goPuff believes it can seamlessly weave BevMo! stores into the goPuff micro-fulfillment network.
“Bringing BevMo!’s iconic brand, locations, and employees together with goPuff’s tech-driven, vertically integrated operating model positions us for unparalleled opportunity,” Gola said.