M&A · Industrials · Retail-Catalog & Mail-Order Houses
Wonder Group, Inc. to acquire Blue Apron Holdings, Inc.
Announced Sep 29, 2023 · Closed Nov 13, 2023
Deal value$103MEV $73M
Premium137.0%To unaffected price
EV / Adj. EBITDA—0.2x EV / Revenue
ConsiderationAll cash$13.00 per share
Transaction
- Acquirer
- Wonder Group, Inc.
- Target
- Blue Apron Holdings, Inc.
- Buyer type
- Strategic
- Offer price per share
- $13.00
- Enterprise value
- $73M
- Status
- Closed Nov 13, 2023
Deal protections
- Break fee (target pays)
- $3.1M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- JPMorgan
- JPMorgan fee
- $4.0M
Sector context · Industrials
- Comparable deals
- 74 in the prior 24 months
- Premium
- 137.0% vs. 49.0% sector median
- EV / Adj. EBITDA
- Sector median 10.8x
- Break fee
- 3.0% vs. 2.9% sector median
Timeline
- AnnouncedSep 29, 2023
- Tender offerOct 13, 2023
- ClosedNov 13, 2023
Valuation · fairness opinions
Discounted cash flow$7.75$10.00
Discounted cash flow$9.75$12.25
Discounted cash flow$7.56$9.41
Analyst price targets$5.00$17.00
Offer $13.00
Implied value per Blue Apron Holdings, Inc. share by analysis, from JPMorgan · DCF discount rate 12%–14%.