Case Study

Grubhub is the leading online and mobile food ordering platform in the U.S.

Prior to Spectrum’s investment, Seamless was the leading provider of online food ordering services in the New York City area and a division within Aramark. Spectrum led the carve-out of the company from Aramark to create a distinct, standalone company.

Spectrum leveraged its deep understanding of online marketplace businesses to build an organization that could expand the company’s geographic footprint, accelerate customer acquisition, and extend from desktop to mobile. Spectrum was instrumental in identifying several acquisitions and leading the merger with Grubhub in which Seamless shareholders received a majority stake in the combined company. The company subsequently completed a public offering on the NYSE.

Today, the company processes over 200,000 orders each day and $2.5 billion orders annually, while it continues to grow its network of diners and restaurants.

Senior Management and Board Recruitment

Spectrum led the recruitment of Brian McAndrews as a board member and now Chair of GrubHub, Sanjay Tiwary as CIO, Maggie Drucker as General Counsel, and Nick Worswick as GM of Corporate. The organization has grown from 185 employees at the time of the Aramark spin-out to over 1,000 today.

M&A

Spectrum worked closely with management on diligence and negotiations for the merger with GrubHub. In addition, Spectrum played an active role in the company’s acquisitions of MenuPages, DiningIn and Restaurants on the Run.

Network Effects

The online and mobile food ordering platform now serves 35,000 restaurants and over 5 million active diners in 900 cities.

Mobile Growth

GrubHub launched its first mobile application following the spin-out. Today, mobile is over 50% of total daily orders.

Public Offering

The company went public in April 2014 (NYSE: GRUB) with a market cap of over $2.5 billion.

Latest Headlines

Why Grubhub is Outlasting Food Delivery Startups

Read more

Strong network effects, ease of use and commitment to quality service – all aspects that have made Grubhub a dominant market leader over the past 10+ years despite an evolving competitive landscape.

Read More

Grubhub Reports Second Quarter 2016 Results

Read more

Grubhub generated 37% revenue growth and 32% adj. EBITDA growth in the quarter ending June 30, 2016. The company generated a record number of orders in Q2 and the best order growth in a year.

Read More

Grubhub Launches New In-Restaurant Technology

Read more

Accessible from any device, GrubCentral allows restaurants to manage their menus and delivery statuses in real-time, review Grubhub financial statements and easily process orders.

Read More

Grubhub Acquires LABite

Read more

Grubhub further expands its food delivery network and presence in a key market with the acquisition of LABite. Accordingly, the company has adjusted its guidance for Q2 & FY 2016 financial results.

Read More

Grubhub Reports First Quarter 2016 Results

Read more

Grubhub generated 27% revenue growth and 15% adj. EBITDA growth in the quarter ending March 31, 2016. The results were driven by the expansion of Grubhub delivery and improvements in technology.

Read More

Grubhub Reports Fourth Quarter and Full Year 2015 Results

Read more

Grubhub generated 43% revenue growth and 33% adjusted EBITDA growth for FY 2015. At year end, active diners were 6.75 million, a 34% year-over-year increase.

Read More

Grubhub Announces Initiatives to Enhance Shareholder Value and Provides Financial Update

Read more

The board approved a stock repurchase program of up to $100 million, a credit facility of up to $200 million and will appoint two new independent directors to maximize long-term shareholder value.

Read More

Grubhub Acquires Delivered Dish

Read more

Delivered Dish strengthens Grubhub’s presence in seven markets across the Pacific Northwest and Southwest and contributes a robust network of independent and chain restaurants.

Read More

The Grubhub Effect: Restaurants Using Grubhub's Platform See Six Times Greater Monthly Revenue Growth than Restaurants Not on the Platform

Read more

A new economic impact study quantifies Grubhub's positive impact on revenue growth, order volume and efficiency for its restaurant partners, while restaurants not using the platform lagged behind.

Read More

Grubhub Reports Second Quarter 2015 Results

Read more

Grubhub generated 47% revenue growth and 68% adjusted EBITDA growth in the quarter ending June 30, 2015.

Read More

Grubhub Reports First Quarter Results

Read more

Grubhub generated 51% revenue growth and 72% adjusted EBITDA growth in the quarter ending March 31, 2015.

Read More

Grubhub Anounces New Board of Director

Read more

Grubhub announced Girish Lakshman, former Vice President of Worldwide Transportation Strategy and Technology at Amazon, is joining its Board of Directors.

Read More

Grubhub Completes Acquisition Of Restaurants On The Run

Read more

With the close of this acquisition, Grubhub is now executing delivery for nearly 3,000 restaurants across the country.

Read More

Grubhub Reports Record Fourth Quarter And Year-End Results

Read more

Grubhub generates 50% revenue growth in their 2014 fourth quarter and expands into delivery with the acquisition of two leading restaurant delivery services.

Read More

YP and Grubhub Join Forces to Bring Online and Mobile Ordering to Hungry YP Users

Read more

Participating Grubhub restaurant listings will be integrated across YP's flagship consumer brands allowing YP users to view menus and place orders directly on information pages for restaurants.

Read More

Grubhub Announces Pricing of Follow-on Offering of Common Stock

Read more

Grubhub announced the pricing of its follow-on public offering shares of its common stock offered by the Company and certain of the Company's stockholders at a price to the public of $40.25 per share.

Read More

Grubhub Reports Second Quarter Results

Read more

Grubhub Reports Record revenues of $60.0 million and growth of 48% in Quarter ending June 30, 2014

Read More

Grubhub IPO on NYSE

Read more

Grubhub Inc. the nation's leading online and mobile food-ordering company, opened for trading today on the New York Stock Exchange (NYSE) under the ticker symbol "GRUB" following its IPO.

Read More

Seamless and Grubhub Announce Merger

Read more

The merger of Grubhub and Seamless will drive additional restaurant and diner value, while strengthening the organization to better scale in the rapidly growing food-ordering industry.

Read More

Seamless Continues to Build Leadership Team and Board of Directors Amid Accelerated Growth

Read more

Seamless has added Brian McAndrews as a board of directors and hired two highly experienced e-commerce veterans - Sanjay Tiwary as Chief Information Officer and Lizzy Klein as Vice President, Product.

Read More

Spectrum Equity Acquires Stake in SeamlessWeb

Read more

Following the transaction, SeamlessWeb's operations will be separated from those of ARAMARK to create a distinct standalone company.

Read More

See All News