Bark Was Purchased by a SPAC Named Northern Star Acquisition Corp.
Daniel Johnson — December 28, 2020 — Business
References: barkbox & retaildive
Bark, the creator of BarkBox subscription boxes, recently entered into an agreement with Northern Star Acquisition Corp., which is a publicly-traded special purpose acquisition company, or SPAC.
The acquisition is scheduled to be completed before the third quarter of 2021 after Northern Star Acquisition Corp. submits documents to the Securities Exchange Commission. After the deal is completed Bark will be traded on the New York Stock Exchange under the symbol BARK. Bark founders including, Henrik Werdelin and Charlie Strife will remain in their current roles, while Manish Joneja, the CEO, will act as the chief executive of the organization.
Matt Meeker, the founder and executive chairman of Bark, said that the deal will help the company, “accelerate our ability to scale the BARK platform worldwide, add joy to the millions of dogs and families who love our products through our monthly subscription service and grow our omnichannel distribution.”
Image Credit: Bark
The acquisition is scheduled to be completed before the third quarter of 2021 after Northern Star Acquisition Corp. submits documents to the Securities Exchange Commission. After the deal is completed Bark will be traded on the New York Stock Exchange under the symbol BARK. Bark founders including, Henrik Werdelin and Charlie Strife will remain in their current roles, while Manish Joneja, the CEO, will act as the chief executive of the organization.
Matt Meeker, the founder and executive chairman of Bark, said that the deal will help the company, “accelerate our ability to scale the BARK platform worldwide, add joy to the millions of dogs and families who love our products through our monthly subscription service and grow our omnichannel distribution.”
Image Credit: Bark
Trend Themes
1. Pet Subscription Services - The acquisition of Bark by Northern Star Acquisition Corp. highlights the growing trend of pet subscription services.
2. SPAC Acquisitions - The purchase of Bark by a special purpose acquisition company (SPAC) showcases the increasing popularity of SPAC acquisitions in the business world.
3. Omnichannel Distribution - Bark's acquisition presents an opportunity for disruptive innovation in the field of omnichannel distribution for pet products and subscription boxes.
Industry Implications
1. Pet Industry - The acquisition of Bark speaks to the ongoing growth and innovation within the pet industry.
2. Financial Services - The involvement of Northern Star Acquisition Corp., a SPAC, highlights the influence of financial services in driving acquisitions and investments.
3. E-commerce - The expansion of Bark's subscription service and omnichannel distribution represents the potential for disruption in the e-commerce industry.
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