News

Waitr gobbles up Bite Squad for $323M

January 18, 2019

Restaurant online ordering and on-demand food delivery platform, Waitr Holdings Inc. has acquired Bite Squad, for a purchase price of approximately $323 million, a news release said. 

Founded in 2012 and based in Minneapolis, Bite Squad operates a three-sided marketplace, which connects more than 11,000 active restaurants with more than 6,300 employee-drivers and approximately 889,000 active diners.

"We are thrilled to announce the completion of the Bite Squad acquisition," Waitr founder and CEO Chris Meaux, said in the release. "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. A portion of the proceeds was used to finance the acquisition, with the balance to be used for general corporate purposes.