Blue Apron Announces Closing of Transaction with FreshRealm to Execute Its Asset-Light Model and Focus on
Benzinga Transaction Valued up to $50 Million with Approximately $25 Million of Upfront Cash Received
Blue Apron Eliminates Its Debt and Continues to Drive Additional Cash Burn Reduction Initiatives
Blue Apron APRN closed its previously announced transaction with FreshRealm. Under the definitive agreements entered into today, Blue Apron transferred its operational infrastructure to FreshRealm, including fulfillment centers, equipment, know-how and related personnel. Blue Apron received approximately $25 million of upfront cash, subject to certain adjustments, and is eligible to receive up to $25 million of value upon the achievement of certain milestones.
Blue Apron is now an asset-light company, focused on the growth of its direct-to-consumer business. The Company plans to continue to build its strong brand and deliver the high-quality products its customers have come to love. In addition, Blue Apron expects to accelerate the expansion of its product offerings, including the addition of new convenient options.
