Waitr Founder on what company buyout means for future

(Source: KPLC)
(Source: KPLC)
Updated: May. 17, 2018 at 7:39 PM CDT
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LAKE CHARLES, LA (KPLC) - WAITR, the online based restaurant delivery service with grassroots right here in Lake Charles, announced yesterday that it would be purchased by billionaire, Tilman Fertitta for $300 million, according to Bloomberg.

In a little over 4 years, the Lake area based company has gained a tremendous amount of success.

"We're very excited about the acquisition, what's important to note about it is even though they are buying the company, part of our compensation of them buying the company is going to be in stock..we will be a publicly traded company, and so were still going to own a portion of the company."                                                                                                                                             Chris Meaux, Founder & CEO

In the deal, set to close later this year, WAITR will initially be sold for $50 million. The remainder of the sale will be distributed through the NASDAQ stock exchange.

Meaux says one of the great things about the deal is that the company's headquarters will remain right here in Lake Charles.

"Our team is going to be there, and we're going to be able to expand the team even further. So this has been a great thing, not just for Waitr, but for our employees and for the city of Lake Charles and the state of Louisiana.

Chris Meaux started Waitr after pitching the idea at the Seed Center Business Incubator in Lake Charles. A program that director Adrian Wallace says is open to anyone that has a passion and purpose for business.

"To see Waitr, and Chris Meaux and his whole team, they came into the business incubator, they started off with a shared office space and grew and grew and grew and we're just so excited for what it means for them and what it means for southwest Louisiana. They are living proof that you can follow your dreams, your dreams can come true with persistence and hard work."

Adrian Wallace, Exec. Director, SEED Center Business Incubator

Meaux will continue in his role with the new company and serve as the chairman of the board of directors. He hopes this venture will accelerate the company's growth with expansion in numerous markets.

Waitr first started delivering food in Lake Charles before expanding to Lafayette and Baton Rouge, then to other cities throughout the south.

Founded in 2013, Waitr has grown to operations in over 30 metro cities, stretching from Louisiana to South Carolina.