Fertitta buys Waitr for $308M
Texas billionaire Tilman Fertitta has agreed to buy Waitr, an online food delivery company based in Lake Charles, for $308 million, according to a statement released on Wednesday.
Landcadia Holdings Inc., a “publicly traded special purpose acquisition company” run by Fertitta, will change its name to Waitr Holdings Inc., according to the statement.
Landcadia will pay at least “$50 million in cash to the equity holders of Waitr” once the transaction closes, the statement reads. 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.
Fertitta, who owns Landry’s Inc., owner of Golden Nugget Casino, and the Houston Rockets, said in a statement that the acquisition allows the company “to be the next leader in the fast-growing online food delivery market.”
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.