Houston Rockets Owner’s Company Buys Waitr
A company that started right here in South Louisiana just got purchased for a nice little price tag.
According to Bloomberg, an acquisition company run by Houston Rockets owner Tilman Fertitta has agreed to buy food delivery startup Waitr Inc. for $300 million. After the deal is done later this year, management will stay in place and Fertitta will join the board.
Fertitta is no stranger to hospitality, or Lake Charles—the city where Waitr got its start.
He owns and runs casino operator Golden Nugget Inc. and steakhouse chain Landry’s Inc.
Waitr got its start back in 2013 and has since realized more competitors entering the food delivery game. Their strategy centered around delivering in areas where "competition is light." Waitr Chief Executive Chris Meaux told Bloomberg that move was no accident.
It forms tighter marketing ties with restaurants by having photographers take pictures of menus and employs joint-marketing campaigns, he said. It also considers its drivers to be employees, rather than contractors like some rivals
Currently, there are around 5,000 restaurants signed up throughout the markets that Waitr serves and they are adding close to five new markets a month.
You can check out more specifics on the deal via Bloomberg here.
Congrats to the Waitr crew and we hope their new ventures bring exciting growth to their company and our area—the area that started it all.