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Cat Rock Capital Issues Statement Regarding Just Eat and Deliveroo

May 17, 2019 GMT

GREENWICH, Conn.--(BUSINESS WIRE)--May 17, 2019--

Cat Rock Capital Management LP (together with its affiliates, “Cat Rock Capital” or “Cat Rock”), a long-term oriented investment firm and beneficial owner of approximately 14.6 million shares of the common stock of Just Eat plc (“Just Eat” or the “Company”) (LSE: JE), representing circa 2% of Just Eat’s outstanding shares, today issues the following statement regarding Amazon’s announced investment in Deliveroo:

The news today that Amazon is investing in Deliveroo only underscores the significant strategic interest in the online food delivery space and highlights the opportunity for Just Eat’s Board to create value for all shareholders by participating in global consolidation.


Amazon has built a fantastic business by offering consumers broad selection and low prices. Just Eat has much broader selection and much lower prices than Deliveroo. Moreover, Just Eat has a bigger brand in the UK and a customer base that is multiple times the size of Deliveroo. Finally, Just Eat offers consumers this superior proposition while earning a meaningful profit, as Deliveroo continues to burn through the capital it has raised.

Just Eat also owns the SkipTheDishes logistics business in Canada, which, unlike Deliveroo, is a market leader that is growing revenue over 100% per year without significant cash burn. SkipTheDishes is unique among logistics businesses globally in both the scale of its market leadership and the efficiency of its growth.

We and other shareholders remain actively engaged with the Just Eat Board, and we strongly support any actions the Board takes to secure favorable outcomes for shareholders through strategic actions.

Alex Captain, Founder and Managing Partner of Cat Rock Capital Management LP, commented:

“Amazon’s investment in Deliveroo highlights the significant strategic interest in online food delivery. Just Eat possesses very strong positions in its core markets, and we believe that the Company’s strategic value is clear.”

“While we are surprised that Amazon chose to back one of Just Eat’s small and cash-burning competitors, we are confident that Just Eat’s significant strategic value will be unlocked if the Board engages with the many potential strategic partners available to the Company.”

Cat Rock’s previously released open letters to the Just Eat Board can be downloaded and read in full at JustEatMustDeliver.com.


Sidley Austin LLP is serving as legal advisor to Cat Rock Capital Management LP.

About Cat Rock Capital Management LP Cat Rock Capital Management LP is a long-term focused investment firm that manages capital on behalf of pension funds, endowments, foundations, and other institutional investors. It seeks to invest in a select number of high-quality companies, with a long-term approach that emphasizes deep fundamental research. Cat Rock Capital is based in Connecticut, USA and was founded in 2015 by Alex Captain, a former Partner at Tiger Global Management.


Cat Rock Capital is publishing this announcement solely for the information of other shareholders in Just Eat plc. This announcement is provided merely for general informational purposes and is not intended to be, nor should it be construed as (1) investment, financial, tax or legal advice, or (2) a recommendation to buy, sell or hold any security or other investment, or to pursue any investment style or strategy. Neither the information nor any opinion contained in this announcement constitutes an offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in the Company or any other company by Cat Rock Capital or any fund or other entity managed directly or indirectly by Cat Rock Capital in any jurisdiction. This announcement does not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may access or review this announcement and may not be taken as advice on the merits of any investment decision. Any person who is in any doubt about the matters to which this announcement relates should consult an authorised financial adviser or other person authorised under the UK Financial Services and Markets Act 2000.


This press release and the letter contain certain forward-looking statements and information that are based on Cat Rock Capital’s beliefs as well as assumptions made by, and information currently available to, Cat Rock Capital. These statements include, but are not limited to, statements about strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements that are not historical facts. When used herein, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and “project” and similar expressions are intended to identify forward-looking statements. These statements reflect our current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumption as to future events that may not prove to be accurate. Actual results, performance or achievements may vary materially and adversely from those described herein. There is no assurance or guarantee with respect to the prices at which any securities of the Company will trade, and such securities may not trade at prices that may be implied herein. Any estimates, projections or potential impact of the opportunities identified by Cat Rock Capital herein are based on assumptions that Cat Rock Capital believes to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results or performance will not differ, and such differences may be material and adverse. No representation or warranty, express or implied, is given by Cat Rock Capital or any of its officers, employees or agents as to the achievement or reasonableness of, and no reliance should be placed on, any projections, estimates, forecasts, targets, prospects or returns contained herein. Any historic financial information, projections, estimates, forecasts, targets, prospects or returns contained herein are not necessarily a reliable indicator of future performance. Nothing in these materials should be relied upon as a promise or representation as to the future.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190517005376/en/

CONTACT: Investors

Cat Rock Capital

+1 (203) 992-4630


Kepler Communications

Charlotte Balbirnie

+44 (0) 7989 528421




SOURCE: Cat Rock Capital Management LP

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