Boxed is back under new ownership

It’s been almost a year since Boxed was purchased by online wholesale retailer MSG Distributors following the meal-kit company’s Chapter 11 bankruptcy, and the new owner is partnering with Spresso, an ecommerce tech company once owned by Boxed Inc.

Spresso said in a press release that it was spun out in the bankruptcy with support from funds managed by multinational investment firm BlackRock. 

“Our goal is to provide the tools businesses and consumers need to discover and restock their bulk essentials,” Spresso CEO Jared Yaman said in a press release. 

MSG Distributors focuses on consumables and household essentials through distribution centers across the U.S.

In August of 2023, MSG President Mark Gadayev said the acquisition of Boxed “strengthens our inorganic growth strategy and diversifies our distribution models nationwide.”

“In synergy with this acquisition, MSG will further enhance its capacity for processing and distribution to Boxed customers nationwide,” Gadayev said in a press release announcing the acquisition last year. 

The Chapter 11 filing in April of 2023 noted that Boxed had assets of $102.5 million and total debts of more than $190 million. 

In the restructuring of the meal-kit company, Boxed’s former COO and co-founder Jared Yaman was named CEO of Spresso. In the Wednesday press release, Yaman said Spresso’s goal is to “provide the tools businesses and consumers need to discover and restock their bulk essentials.”

Related:Boxed is bought after filing for Chapter 11 in April

The tech company said the Boxed relaunch will feature:

“This partnership brings together the best of both worlds: Spresso's cutting-edge technology in creating personalized experiences aligns perfectly with our commitment to delivering outstanding service and value to our customers, further enhancing our supply chain expertise,” Gadayev said.