The upcoming food delivery platform, Delivery Hero, announced on Tuesday that it is acquiring Turkey’s Yemeksepeti for $589 million. The acquisition is funded through cash and shares, with the former shareholders of the company, including General Atlantic, becoming shareholders in Delivery Hero, the group said in a press release.
Yemeksepeti was launched 15 years ago and became market leader in Turkey, processing over 3 million orders each month and growing at 60 percent each year.
Berlin-based Delivery Hero said Yemeksepeti is profitable, and processes more than 3 million orders a month in its markets. Yemeksepeti is active in Turkey and Greece, as well as Middle Eastern markets such as Qatar, Jordan and Saudi Arabia via the ordering platforms foodonclick.com and ifood.jo.
In March, Delivery Hero announced its interest in expanding further in the Middle East. “We have looked at many businesses in our industry around the world, but we have rarely seen Key Performance Indicators as exceptional as those displayed by Yemeksepeti: Customer cohorts and reorder rates are among the best in the world and far superior to those shown by our listed peers,” Niklas Ostberg, CEO of Delivery Hero said.
Yemeksepeti CEO Nevzat Aydın told Hürriyet that he will remain in his post as he will also be part of the management team of Delivery Hero.
“We are excited that we will continue our business with a partner whose methods of business and corporate culture overlap with ours,” he said.
Last March, Delivery Hero acquired Talabat.com, which operates in Kuwait, Saudi Arabia, United Arab Emirates, Bahrain, Oman and Qatar.
German online business developer Rocket Internet owns about 39% of Delivery Hero, which was founded in 2011 and employs some 1,500 people in 28 countries.