Wholesale Grocery Retailer Boxed is Set to Go Public in $900 Million SPAC Deal
Updated: Jun 16, 2021
Business Insider | June 14, 2021
Boxed was founded in August 2013 by current CEO Chieh Huang along with Jared Yaman, Christopher Cheung, and William Fong. The wholesale grocery retailer and courier Boxed is set to go public in a deal with Seven Oaks Acquisition Corp., a special purpose acquisition company (SPAC), that would value the combined entity at nearly $900 million.
The company provides bulk consumables to both businesses and consumers without requiring a store membership and has monetized its proprietary technology through a Software-as-a-Service ("SaaS") offering, inking a multi-year SaaS partnership agreement with Aeon Group, one of Asia's largest retail conglomerates.
The deal is expected to close in the fourth quarter of 2021 and should provide Boxed with about $334 million in net cash proceeds, including a $120 million private investment from investors including Brigade Capital Management, Avanda Investment Management, and Onex Credit.