Waitr® Agrees to $308M Merger-Aquisition With Landcadia Holdings, LLC
May 24, 2018 11:31AM
● 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.
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. Today, Waitr has over 5,000 restaurant partners in over 200 cities in the Southeast U.S.
About Landcadia Holdings, Inc.
Landcadia Holdings, Inc. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.