DoorDash Buys Wonder's Grubhub Campus Dining for $300 Million

M&A · PartnershipEarnings
โดย Insider Monkey·US·Read original
Summary · why it matters

DoorDash is acquiring Wonder's Grubhub Campus Dining business for $300 million and investing another $125 million in Wonder's Series D round. The campus business operates at more than 450 colleges and universities, letting students order from campus dining facilities, pay with dining dollars, and schedule pickup, and DoorDash plans to extend the technology beyond campuses into stadiums, hotels and similar venues, with the transaction expected to close in the first half of 2027. The purchase is modest against DoorDash's scale: the company generated $742 million of free cash flow in the second quarter, up from $355 million a year earlier, while adjusted EBITDA reached $914 million, up 40%, on revenue of $4.45 billion and Marketplace GOV of $33.1 billion. Marketplace GOV rose 36% to $33.1 billion in the quarter while orders increased 27% to 970 million, and even excluding Deliveroo, GOV growth was still 23%. Wonder has expanded to 157 locations, more than quadrupling its footprint since early 2025, and plans to enter Texas in 2027, while DoorDash's second-quarter research and development expense rose to $535 million from $351 million a year earlier. DoorDash said the deal is strategically significant but unlikely by itself to materially change consolidated earnings, leaving the investment case dependent on scaling the campus platform into new venues.

Impact on stocks 1

Consumer Discretionary▲ · 1 stocks

Off-coverage companies 3

GrubhubPrivate▲ Positive
Capitalrelevance

Grubhub's Campus Dining business is being sold to DoorDash for $300 million.

Wonder GroupPrivate▲ Positive
Capitalrelevance

Wonder is selling its Grubhub Campus Dining unit for $300M and receiving a $125M Series D investment from DoorDash.

Deliveroo plcPrivate± Mixed
relevance

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