Enjoy Technology, the operator of what the company calls mobile stores, plans to go public through a merger with blank-check company Marquee Raine MRAC, the companies said.
The Palo Alto, Calif., company says in a statement that through “e-commerce at home,” it plans to “disrupt the physical retail model by bringing a personalized, convenient retail experience through the door and into the comfort of a customer’s home.
“This at-home experience is powered by proprietary technology and data science tools, including real-time applications that manage inventory, routing and staffing, with the support of full-time, trained experts.”
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The company operates in more than 85 cities in the U.S., Canada and the U.K., delivering products for several wireless companies including AT&T (T) – Get Report. It also offers Apple (AAPL) – Get Report products in some cities.
Enjoy was founded by a former Apple executive, Ron Johnson. It will merge with Marquee, a special-purpose-acquisition company, or SPAC.
The deal terms give Enjoy about $450 million in growth capital, with $80 million of that coming from private investors, Bloomberg said. The enterprise value of Enjoy would be $1.2 billion.
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Enjoy said it is aiming for $1 billion in annual revenue by 2025. Its valuation in the Marquee Raine deal is almost five times its projected fiscal 2022 revenue of $245 million.
The company is projecting $110 million in revenue for fiscal 2021 and profitability by fiscal 2023, Johnson said.
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“We have near-term, clear sight to profitability, and if I didn’t feel confident on our path to profitability, I wouldn’t go public now,” Johnson told Bloomberg News.
“We have great confidence in our ability to forecast the business today so that we can be a public company.”
The merger is expected to close in the third quarter. Enjoy expects to trade on Nasdaq under the ticker symbol ENJY.
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