Endeavor Bulgaria is excited to announce that today, BGmenu signed an agreement to be acquired by Takeaway.com, the leading online food delivery marketplace in Continental Europe.
BGmenu is the market leader in food delivery in Bulgaria, in terms of orders. Takeaway.com already owns the largest food delivery brands in Germany, the Netherlands, Poland, Belgium and Austria. The Company has the strategy of becoming the number one in each of the countries in which it operates. Through this acquisition, Takeaway.com strengthens its position in Eastern Europe, in line with the strategy to further expand its leadership position on the continent.
Vladimir Davchev, CEO and founder of BGmenu, said: “We are excited to become part of the fastest-growing online food delivery marketplace in Europe. We believe there is a significant market opportunity in Bulgaria and partnering with Takeaway.com gives us the best opportunity to build on our success to date in this country. The experience and additional capital from Takeaway.com will enable us to greatly improve our service offering to both consumers and restaurants.”
Jitse Groen, CEO and founder of Takeaway.com, commented: “With the acquisition of BGmenu we are adding a fast-growing online food delivery market with a sizeable population to our footprint. It is our intent to execute the same strategy in this country that brought hypergrowth to our Polish business Pyszne.pl.”
The enterprise value for the transaction is €10.5 million. The purchase price is based on the enterprise value and will be payable in cash. To further accelerate growth, Takeaway.com will invest an undisclosed sum in Bulgaria.
Vladimir Davchev and Zornitsa Chugreeva (Co-founders of BGmenu) were selected into the Endeavor Network at the 75th International Selection Panel in Sofia, held October 2017. HelloHungry (legal entity of BGmenu) is the only fully integrated food delivery player in Bulgaria and Romania, bringing lead generation, fleet management, and delivery under one roof. The company supports 1,500+ restaurants on its platform and with its own fleet ensures superior customer service and efficient delivery time.