Landcadia Holdings Inc. Secures $85 million Financing to Fund Waitr’s Growth Strategy
Oct 03, 2018 08:33AM
● By Camille Mosley
October 03, 2018
HOUSTON--(BUSINESS WIRE)--Landcadia Holdings, Inc. (NASDAQ: LCA) (the “Company”) announced that it signed an agreement with Luxor Capital Group, LP, (“Luxor”) to provide the Company with $85 million in financing to fund Waitr Inc.’s (“Waitr”) growth strategy.
“We are pleased with this agreement and believe it brings another high quality financial partner to Waitr and additional capital on attractive terms to grow the business,” said Tilman J. Fertitta, Co-Chairman & CEO, Landcadia Holdings, Inc.
“There is a massive untapped market for online delivery, particularly in the secondary markets. We have a significant opportunity to continue to grow by penetrating our existing markets and entering new markets. We also are well positioned to take advantage of acquisition opportunities, which can help drive additional growth and scale throughout the U.S.,” said Chris Meaux, founder and CEO of Waitr, Inc. “We are pleased to have Luxor as a financial partner based on their significant track record of investing in companies with disruptive business models in the online food sector.”
“We are excited to work with Chris and the Waitr team to continue to rapidly grow the business and maximize shareholder value,” said Jon Green, Partner at Luxor Capital.
Earlier this year, the Company and Waitr, the fast growing restaurant platform for online ordering and on-demand food delivery, announced that they entered into a definitive merger agreement whereby Waitr will become a wholly-owned subsidiary of Landcadia. Completion of the proposed transaction is subject to Landcadia stockholder approval and other customary closing conditions. The parties expect that the proposed transaction will be completed in November 2018.
For a description of the terms of the financing, please see the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on the date hereof, including a copy of the commitment letter, which is filed as an exhibit thereto.