Sweetgreen completes $50.687M acquisition of Spyce
Sweetgreen completed its acquisition of 100% of Spyce on September 7, 2021. Its filed purchase-price allocation reports $50.687 million of total consideration, comprising cash, equity and the initial fair value of contingent equity; the table also includes $0.781 million of closing third-party expenses.
Why it matters
Sweetgreen acquired all of Spyce to bring the startup's automated-kitchen technology and team into its restaurant operations.
Evidence notes
- Sweetgreen closed the acquisition on September 7, 2021, purchasing 100% of Spyce through a merger.
- Sweetgreen issued shares valued at approximately US$37.5 million, paid roughly US$3.5 million of Spyce debt and expenses, and included contingent milestone shares.
- The stated objective was to use Spyce's automation technology to improve food quality, consistency and restaurant efficiency.