A Berlin-headquartered venture capital firm has snapped up an Australian corporate catering business, in a sign of confidence in the local marketplace.
Rocket Internet, which boasts owning more than 100 companies in six continents and has listed and sold others worth some €15 billion (around $23 billion), acquired Sydney-based online corporate catering company Order-In for an undisclosed sum.
Order-In was established in 2000 and now partners with 508 caterers.
The company claims to have served more than 17 million customers in its 18 years of operation.
“Despite the news, it’s business as usual at Order-In. Our service and platform will continue to be managed as it is – delivering the consistently high standard that both customers and suppliers have come to expect,” said Order-In managing director Jonathan Rowley.
“This partnership will allow us to further expand our offerings and develop our leading presence in this space. We look forward to benefiting from Rocket Internet’s extensive expertise in building leading digital companies, in particular in the food-tech sector.”
Mr Rowley added: “Australia is a small and consolidated market, making it enticing to global investors.”
It comes as Nicholas Guest, a partner in assurance and corporate advisory at HLB Mann Judd, told a recent media briefing that there is strong investor appetite for smaller Australian firms, and that private equity firms are eagerly scouting for mid-tier businesses with strong growth prospects.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.