Waitr® Set To Merge With Landcadia Holdings for $308M
May 17, 2018 02:38PM
● By Flint Zerangue, Sr.
Texas billionaire Tilman Fertitta has agreed to buy the Lake Charles based online food delivery company Waitr® for $308 million.
Fertitta, who owns Landry’s Inc., the Houston Rockets, and the Golden Nugget Casino, said in a statement that the acquisition allows the company “to be the next leader in the fast-growing online food delivery market.”
According to filings with the SEC, Landcadia Holdings Inc., a publicly traded company run by Fertitta, will change its name to Waitr Holdings Inc.
Landcadia will pay at least “$50 million in cash to the equity holders of Waitr.” According to a statement released by the companies, once the transaction closes, the rest will be paid “in the combined company’s common stock.”
Fertitta will serve as the company’s director. Chris Meaux, who founded Waitr in 2013, will remain as chief executive officer and will also serve as chairman of the company’s board of directors.
Meaux said in a statement that the partnership will allow the company to “…accelerate our current growth and expand our footprint to new markets.”
The Waitr app allows customers to order food from area restaurants using their smartphone and have it delivered to them.
Food deliveries began in Lake Charles before expanding to other cities in Louisiana, along with cities in Texas, Mississippi, Alabama, Arkansas, Georgia, Florida, South Carolina and Tennessee.
Photo Source: Sec Filings Waitr and Landcadia Holdings, LLC.