Louisiana Waitr receives new owner under $ 308 million contract with Texas billionaire ~ Affairs Outline

Waitr, the Lake Charles-based online restaurant delivery service to customers throughout Louisiana and other markets, is being acquired by Texas billionaire Tilman Fertitta in a $ 308 million deal.

Fertitta, who runs the Golden Nugget Casino and Landry Restaurant and owns the NBA's Houston Rockets, said the deal provides an opportunity for the waiter to be the next leader of the online food delivery service.

Waitr was founded in 2015 and grew in 30 cities from Texas to South Carolina. In Louisiana, the company serves markets in Baton Rouge, New Orleans, North Shore, Slidell, Lafayette, Hammond, Houma, Alexandria, Lake Charles, Monroe and Shreveport.

Last year, a group of investors led by Drew Brees, quarterback of the New Orleans Saints, invested $ 10 million in Waitr. With the Lake Charles facility, the company has a second operations center in Lafayette.

According to the agreement announced Wednesday, an acquisition company Waitr will buy at least $ 50 million in cash. It will then become Waitr Holdings and will trade on the Nasdaq Stock Exchange.

The remainder of the sale will be paid in shares of Waitr. The agreement will be closed later this year.

Wait founder and CEO Chris Meaux will retain his position in the new company and direct the board of directors.

The proceeds from the sale will finance the company's continued growth in new markets and allow Waitr to make acquisitions to increase its presence.

Meaux said the partnership will accelerate the growth of their business and allow it to expand into other markets. It also provides delivery facilities with more than 600 restaurants headed by Landry, which includes brands such as Saltgrass Steak House, Joe Crab Shack, Morton and Bubba Gump Shrimp Co. There are also ways to promote waiters with Golden Nugget sponsors and rockets. he said.

"We have seen the impact of Waitr on our restaurants, increasing sales growth and positive feedback from our customers first-hand," said Fertitta in a statement. "Our brands and customers are critical to our success, and the high quality of the Waitr service is reflected in our brands," he said.

Meaux told Bloomberg News that Waitr has over 5,000 restaurants selling food through the app. Net income is expected to be between $ 60 and $ 70 million this year, at least twice as much as in 2017.

"Tilman's experience and deep experience and knowledge in his restaurant team are the perfect complement to focus on partner restaurants and our commitment to delivering a unique customer experience in food ordering and distribution." online, "said Meaux.

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