JUST EAT acquires four overseas rivals
London-based online takeaway firm’s has spent £94.7m to establish presence in Spain, Italy Brazil and Mexico
Online takeaway service JUST EAT has announced the acquisition of four rivals in Spain, Italy, Brazil and Mexico for a sum of £94.7m
The deal for PizzaBo/HelloFood in Italy, Hello Food Brazil and Hello Food Mexico completes today, with the acquisition of La Nevera Roja in Spain set to complete in the second quarter.
JUST EAT has claimed this latest deal will contribute to an increase in EBITDA of £10m per annum by 2018, with the takeaway delivery market in these four territories equating to a combined value of more than £8bn.
Founded in 2001, London-based JUST EAT claims to have established itself as the market leader in online food ordering, serving more than 36,000 restaurants and an estimated 5.9 million users across 13 countries.
Last year, the company expanded its overseas presence with the acquisition of Australian competitor Menulog for £445m – a takeaway delivery market worth around £1.6bn.
In 2014, the company achieved what was said to be the biggest UK technology IPO in eight years after it debuted on the London Stock Exchange with a valuation of $2.44bn, making it one of only 17 British unicorns – tech start-ups with a billion-dollar valuation.
David Buttress, chief executive of Just Eat, said: “Just Eat has enhanced its market-leading positions in geographies that we understand and where our existing businesses are performing strongly.
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“We are delighted to welcome our new team members to the Just Eat family, and we look forward to working with them to improve the takeaway experience for both restaurant partners and consumers in Spain, Italy, Brazil and Mexico.”