Aramark is spinning off its SeamlessWeb online and mobile food ordering service following the sale of a minority stake in the service to private equity firm Spectrum Equity Investors. In the deal, Aramark received $50 million from Spectrum, which specializes in investing in digital media and e-commerce businesses. Aramark still retains majority ownership of the business, which will now operate as a standalone enterprise rather than a unit under the Aramark corporate umbrella.
“This transaction enables SeamlessWeb to pursue accelerated expansion, product innovation and opportunistic acquisitions,” says SeamlessWeb CEO Jonathan Zabuskyb. “SeamlessWeb is a leader in online and mobile food ordering. Now as an independent organization with the benefit of additional strategic insight at the board level from the highly accomplished team at Spectrum, we look forward to taking our brand and offering to the next level by developing the most robust and integrated local, social, mobile food ordering and e-commerce platform.”
“We are very pleased to partner with Spectrum in the further growth and development of SeamlessWeb," added Aramark Chairman/CEO Joseph Neubauer. "While SeamlessWeb has performed extremely well as a wholly-owned part of Aramark, we feel that the addition of Spectrum as a significant investor and the establishment of a separate governance structure will position the company to fully capitalize on the significant opportunities that lie ahead, particularly in the direct-to-consumer segment.”
SeamlessWeb, a startup company that was acquired by Aramark in 2006, promotes, markets and connects local restaurants with business and consumer customers across multiple platforms. Its network includes over 7,000 restaurants in 27 cities globally, including New York, London, Washington DC, Philadelphia, Boston, Chicago, San Francisco and Los Angeles.