Waitr Holdings Inc., a fast-growing restaurant platform for online ordering and on-demand food delivery, announced that it has completed its previously announced acquisition of Bite Squad, for a purchase price of approximately $323 million.
Founded in 2012 and based in Minneapolis, Bite Squad operates a three-sided marketplace, which connects more than 11,000 active restaurants with over 6,300 employee-drivers and approximately 889,000 active diners.
“We are thrilled to announce the completion of the Bite Squad acquisition,” says Chris Meaux, founder and Chief Executive Officer of Waitr. “As a result of this combination, we now serve a total of over 86 markets in more than 500 cities and 22 states. We believe this transaction is a major growth step for us and positions us well to be a leading restaurant platform for online ordering and food delivery across underserved markets throughout the United States.”
In connection with the acquisition, Waitr completed its previously announced $42.1 million financing from Luxor Capital Group, LP, on behalf of Lugard Road Capital Master Fund, LP, and one or more of its funds and/or affiliates (“Luxor”). A portion of the proceeds was used to finance the acquisition, with the balance to be used for general corporate purposes.
Waitr plans to update its 2019 financial outlook to reflect the combined business when it releases financial results for the year ended December 31, 2018.
Winston & Strawn LLP served as legal counsel and Jefferies LLC and Wells Fargo Securities, LLC served as financial advisors to Waitr in connection with the acquisition. Gray Plant Mooty served as legal counsel and RBC Capital Markets served as financial advisor to Bite Squad in connection with the acquisition. Sidley Austin LLP served as legal counsel to Luxor in connection with the financing.
Founded in 2013 and based in Lake Charles, Louisiana, Waitr is a leader in on-demand food ordering and delivery. Its platform connects local restaurants to hungry diners in underserved markets in America’s heartland. Waitr is the most convenient way to discover, order and receive great food from the best local restaurants and national chains. As of September 30, 2018, Waitr had over 7,700 restaurant partners in over 235 cities in the Southeast United States.