New York CNN —Blue Apron shares soared more than 130% Friday after the once-hot meal kit delivery service announced it was being acquired.
Wonder Group, a food delivery startup led by former Walmart and Jet executive Marc Lore, is buying Blue Apron in a deal that gives shareholders $13 per share, valuing Blue Apron at $103 million — a far cry from its $2 billion valuation just six years ago.
Since Blue Apron went public in 2017, its fortunes have dwindled with a number of problems, including layoffs, failing to grow its customer base and competition from larger companies, such as Amazon and Kroger.
The Blue Apron (APRN) name will continue to be used following the close of the transaction.
In June, Blue Apron sold its assets, such as its fulfillment centers, to fellow meal company FreshRealm, giving it a $50 million cash infusion.
Persons:
Marc Lore, Wonder
Organizations:
New, New York CNN, Wonder, Walmart, Jet, Kroger
Locations:
New York, “