Sweetgreen, announced it has completed its previously announced sale of Spyce, the business unit responsible for developing and launching the Infinite Kitchen technology, to Wonder Group, consisting of $100 million in cash and shares of Series C Preferred Stock of Wonder with an implied value of $86.4 million based on the price per share at which shares were issued by Wonder to cash investors in its most recent preferred equity financing.
The sale marks a strategic milestone for Sweetgreen, enabling the company to reinvest in key priorities and focus on growth and operational efficiency. Sweetgreen expects to continue using the Infinite Kitchen technology in many of its restaurants through a long-term supply and services agreement, giving the company flexibility while ensuring the platform remains central to the guest experience.
Sweetgreen acquired Spyce in 2021 for approximately $70 million when including post-acquisition true-up and milestone amounts. Since then, Sweetgreen has successfully developed and scaled the Infinite Kitchen, which now operates in more than 20 Sweetgreen locations nationwide.
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“This transaction reflects the strength of the Infinite Kitchen and the incredible work of the team behind it,” said Jonathan Neman, Co-Founder and CEO of Sweetgreen. “It allows us to stay focused on our long-term growth while continuing to benefit from a technology that has become a key part of our restaurant operations.”
SOURCE: Businesswire