News alert: Waitr purchased for $308M by company run by Houston Rockets owner
Editor’s note: This story has been corrected since its original publication. Waitr was purchased by Landcadia Holdings Inc. for $308 million, not $300 million. Daily Report regrets the errors.
Waitr, the Lake Charles-based food delivery startup, has been purchased for $300 million by a company backed and run by the owner of the Houston Rockets.
Bloomberg reports Landcadia Holdings Inc. is paying Waitr’s backers at least $50 million in cash and the rest in stock in a deal that will bring the food-delivery company public.
Landcadia is special purpose acquisition company run by Texas businessman Tilman Fertitta, who last year bought the Houston basketball team for a record-breaking $2.2 billion. The company’s name will be changed to Waitr Inc. and trade on the Nasdaq after the deal closes later in 2018. Waitr’s management will remain in place and Fertitta will join its board.
Since launching in 2013, Waitr has catered to mid-sized markets in Louisiana and Texas, partnering with about 5,000 restaurants that each pay anywhere from $1,200 to $2,000 upfront to sell through the app. About 280 Baton Rouge restaurants were partnering with Waitr as of late March 2017, making it the company’s largest market.