Delivery Hero acquires hugo’s food and grocery delivery verticals and expands its footprint in Central America and the Caribbean
- Delivery Hero is acquiring hugo’s core food delivery and quick commerce verticals in Central America and the Caribbean
- hugo is a leading food delivery app in Central America with strong presence in the Caribbean countries, operating as a multi-category marketplace for restaurants, grocery delivery, pharmacy delivery and more
- The acquisition allows Delivery Hero to further strengthen its footprint in Central America as well as expand operations to Jamaica
- The transaction values hugo based on a run rate GMV of over USD 150 million and multiples in line with Delivery Hero and other precedent transactions
Berlin, 14 October 2021 – Delivery Hero SE (“Delivery Hero”), the world’s leading local delivery platform, today announced that it has entered into an agreement with hugo to acquire the multi-category marketplace’s core food delivery and quick commerce business in Central America and the Caribbean. Founded in 2017, hugo is currently active in over 40 cities across six countries: Guatemala, El Salvador, Honduras, Nicaragua, the Dominican Republic and Jamaica. With more than 800 employees and 1.3 million registered users, the company offers multi-category marketplace services for food delivery, grocery delivery, pharmacy delivery and e-commerce, as well as on-demand and financial services. The transaction is expected to close in Q1 2022 and subject to relevant regulatory approvals.
We are thrilled to further expand our strong footprint in Central America. With the acquisition of hugo’s food and grocery delivery verticals, we are also giving an extra boost to our quick commerce operations locally. Alejandro and his team have built a successful track record in spotting potential in underserved markets and outperforming global industry peers. Today, we see even more growth and expansion opportunities for hugo, and we are excited to welcome them in our community of entrepreneurs to further push the boundaries of the delivery industry worldwide.Niklas Östberg, CEO and Co-Founder of Delivery Hero
I am very proud of the growth that our team has been able to achieve over the past four years. Because of our focus on local economic growth and social impact, hugo has become the preferred app for many businesses, drivers and customers across the region. I am personally excited to join forces with Delivery Hero, one of the largest food delivery companies in the world, so that together we can expand our reach and continue delivering world-class experiences to our customers and partners throughout the region.Alejandro Argumedo, CEO and Co-Founder of hugo
ABOUT DELIVERY HERO
Delivery Hero is the world’s leading local delivery platform, operating its service in around 50 countries across Asia, Europe, Latin America, the Middle East and North Africa. The company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 10 to 15 minutes. Headquartered in Berlin, Germany, Delivery Hero is listed on the Frankfurt stock exchange since 2017, and became part of the leading index DAX (Deutscher Aktienindex) in 2020. For more information, please visit www.deliveryhero.com
hugo is the first and only Central American superapp and a leading player in 6 countries in Central America and the Caribbean. hugo is a multi-category marketplace offering on-demand delivery for restaurants, supermarkets and pharmacies; tools for e-commerce and digital payments; transport services; entertainment and ticketing for sporting events; capital investments for emerging startups in the region, and much more. Comprised of a team of over 800 young people who design 24 digital services for our users, hugo App is an entrepreneurial platform whereby thousands of visionary drivers and partners come together to accelerate the digital revolution in the region.
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