Delivery Service Enjoy set to go public via Chicago Cubs Owner’s SPAC

Mobile retail operator and delivery service Enjoy plans IPO through a merger with an acquirer. According to Bloomberg reports, the company is currently in talks with SPAC Marquee Raine Acquisition Corp., in a $1.6 billion valuation deal.

The Palo Alto-based company was founded in 2014 and has raised more than $230 million in fundings to data, according to Crunchbase data. The company is backed by L Catterton, Highland Capital Partners, and Kleiner Perkins.

Representatives of Enjoy and Marquee Raine didn’t respond to request for comments immediately, as both companies will most likely release official statements later on.

Although the terms of the deal have not been made public, Enjoy was valued at $900 million as of its last venture capital round in August 2019, according to Pitchbook.

About Enjoy

Enjoy Technology Inc. is a mobile retail startup, led by former Apple executive, Ron Johnson.  Founded in 2014, the delivery service delivers and configures electronic devices consumers purchase from online retail stores. The company representatives spend at least an hour helping customers install their devices, as well as provide professional advice on how to “unlock the magic” of their new products. Some of Enjoy’s clients include Apple INC., AT&T Inc., BT Group Plc, and Rogers Communications Inc. The company operates in the U.S., U.K., and Canada. It is hiring former Kellogg CFO Fareed Khan as its CFO and, former chief investment officer and CFO of Major League Baseball as its chief administrative officer and people officer.

About Marquee Raine

Marquee Raine is a Raine Group-backed special acquisition company led by co-chairmen Tom Rickets, owner of Chicago Cubs; and Brandon Gardener, Raine co-founder, partner, and president. Investment bank Raine Group teamed up with Marquee Sports, owner of Chicago Cubs regional sports network to form a special acquisition company called Marquee Rainee Acquisition Corp. which targets firms valued at $1 billion and above. In December 2020, the newly created company raised $373.8 million and is actively looking for prospects in the entertainment industry. The company says although its focus is entertainment, it is actively considering the economics around live events such as music, ticket rights, sports rights for pay TV, etc.

“At our core is deep industry expertise and relationships across all of the TMT sectors,” said partner and head of M&A at Raine Group and co-CEO of Marqu Raine Acquisition Corp., Brett Varsov. “What we do is build businesses around that expertise.”