Boxed Inc., an e-commerce grocery platform founded eight years ago and with a strong private brand Prince & Spring, is going public, following a merger with Seven Oaks Acquisition Corp.
The move to become a U.S. publicly traded company aims to grow the company. The combined equity value is estimated at nearly $900 million and the newly structured company is expected to receive $334 million in net cash proceeds. The deal is slated to close by the end of 2021.
Boxed’s net revenue was just shy of $200 million last year. The company made a strong push into private brands developing its Prince & Spring brand from scratch, as profiled by Store Brands in the July 2019 issue.
The company was founded by CEO Chieh Huang and Gary Matthews, chairman and CEO of Seven Oaks Acquisition will serve as Boxed’s chairman of the board.
“Boxed is a leading e-commerce platform with significant competitive advantages and multiple opportunities to accelerate growth and drive value creation. We are confident that by supporting Chieh and the talented management team with our proven operating playbook, Boxed will continue to achieve success in a rapidly growing market,” said Matthews.