BARK and Northern Star’s merger complete
The combined company named ‘The Original BARK Company’ started trading on the NYSE on June 2nd.
In connection with the merger and related private placement, BARK received approximately $427 million (€350m) in cash proceeds. The funds are expected to be used to expand BARK’s food, home and health product lines, fuel the continued growth of its toy and treat subscription services, enhance cross-selling opportunities and reach new customers domestically and abroad.
Manish Joneja, Chief Executive Officer of BARK, said, “The closing of our merger with Northern Star provides us with the platform to bring our renowned BarkBox and Super Chewer toy and treat subscription lines to even more customers, while scaling our newer, high-potential BARK Eats, BARK Bright, and BARK Home initiatives. By building deep, personalized relationships with dogs and their parents, we believe BARK will continue to gain meaningful market share and grow to be synonymous with all things dogs worldwide.”
Mr. Joneja will serve as CEO and lead the combined company alongside BARK Founders Matt Meeker, Henrik Werdelin and Carly Strife. Mr. Meeker will serve as Executive Chairman, and Northern Star Chairperson and Chief Executive Officer Joanna Coles, a creative media and technology executive, and President and Chief Operating Officer Jonathan Ledecky, a seasoned executive with over 35 years of investment and operational experience, will serve on the combined company’s Board of Directors.
Ms. Coles said, “The global pet care industry presents a massive, rapidly expanding market opportunity, but remains in the early stages of innovation and disruption. BARK, through its unmatched customer engagement, vertically integrated and data-driven product development, and omni-channel sales approach including subscription services and retail partnerships, is uniquely positioned to capitalize on this opportunity. We are tremendously proud of the Company’s talented, execution-oriented team and are confident in BARK’s ability to create long-term shareholder value while making the world a happier, healthier place for dogs.”