Everli to go public via SPAC merger in $313M deal
What's the deal? Everli, an online grocery marketplace operating across Italy, has agreed to merge with Melar Acquisition Corp. IDealroom has a profile for this one. Try Dealroom →, a publicly traded special purpose acquisition company. The September deal values the combined entity at $313 million and would list it on a US exchange.
The terms: Existing Everli shareholders will roll over $180 million of equity into the new company. Additional funding includes a $30 million private investment in public equity and $10 million in bridge financing, securing roughly $69.2 million in net cash. Assuming no further redemptions, the company will float about 31,295,545 shares at closing.
The business: Everli runs an asset-light model, with no warehouses, inventory, or delivery fleets. It uses a crowdsourced network of personal shoppers who buy items from 95 retail partners and deliver them to customers. Revenue comes from retailer commissions, product markups, delivery and service fees, and advertising, yielding a take rate of about 21%.
By the numbers: Everli reported gross merchandise value of $77.94 million and net revenue of $16.68 million for fiscal 2025. It processed 776,900 orders, averaging $101.72 per order. But unit economics remain thin: gross profit is $1.44 per order — a margin of roughly 7% — as delivery costs eat up $18.72 of average per-order net revenue.
Why now? Everli completed a full platform rebuild in the second quarter of 2026, reconstructing its web architecture, apps, and infrastructure. The updated system adds AI-driven routing to optimise order allocation. It also launched a white-label service letting retailers run their own branded e-commerce channels, already live with one of Italy's largest food distributors.
What's the endgame? Everli's network integrates 13 primary grocery distribution groups and covers more than 89% of Italy's modern grocery retail market. The company aims to improve its margins through the platform upgrades and its new software services for retail partners.
The signal: Italy's online grocery market is underpenetrated at just 2.5%, against 12.5% in the US, 11.0% in the UK, and 9.4% in France, according to McKinseyDealroom has a profile for this one. Try Dealroom → and SavillsDealroom has a profile for this one. Try Dealroom →. That market is projected to grow from $1.1 billion in 2024 to $12.1 billion by 2030 — the runway Everli is betting its public debut on.
Image credit: Rosenfeld Media
