M&A Deal Summary

Wonder Acquires Spyce

On November 6, 2025, Wonder acquired restaurant Spyce from Sweetgreen

Acquisition Highlights
  • This is Wonder’s 1st transaction in the Restaurants sector.
  • This is Wonder’s 4th transaction in the United States.
  • This is Wonder’s 1st transaction in Massachusetts.

M&A Deal Summary

Date 2025-11-06
Target Spyce
Sector Restaurants
Buyer(s) Wonder
Sellers(s) Sweetgreen
Deal Type Divestiture

Target

Spyce

Somerville, Massachusetts, United States
Spyce is a restaurant company that develops an automated robotic kitchen system designed to prepare made-to-order meals using programmable cooking and dispensing technology.. Spyce was founded in 2015 and is based in Somerville, Massachusetts.

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Buyer(S) 1

Buyer

Wonder

New York, New York, United States

Category Company
Founded 2018
Sector Restaurants
DESCRIPTION

Wonder is changing the food industry by creating the mealtime super app, operating a collection of vertically-integrated, delivery-first restaurants and pioneering a new category of “Fast Fine” dining. Wonder was formed in 2018 and is based in New York, New York.


DEAL STATS #
Overall 4 of 4
Sector: Restaurants M&A 1 of 1
Type: Divestiture M&A Deals 2 of 2
State: Massachusetts M&A 1 of 1
Country: United States M&A 4 of 4
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-12 Tastemade

Santa Monica, California, United States

Tastemade is an independent media company that engages a global audience of more than 300 million monthly viewers on all major digital, mobile, and streaming television platforms, garnering 700 million minutes watched each month. Tastemade was founded in 2012 and is based in Santa Monica, California.

Buy $90M

Seller(S) 1

SELLER

Sweetgreen

Los Angeles, California, United States

Category Company
Founded 2007
Sector Restaurants
Employees6,407
Revenue 677M USD (2024)
DESCRIPTION

Sweetgreen builds healthier communities by connecting people to real food. Every day, team members create plant-forward, seasonal, and earth-friendly meals from fresh ingredients and produce that prioritizes organic, regenerative, and local sourcing. The company strongly believes in harnessing the power of technology to enhance the customer experience, and leverages its app to create an omnichannel experience to meet its customers where they are. Sweetgreen’s strong food ethos and investment in local communities have enabled them to grow into a national brand with a mission to build healthier communities by connecting people to real food. Sweetgreen was established in 2007 and is based in Los Angeles, California.


DEAL STATS #
Overall 1 of 1
Sector: Restaurants M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
State: Massachusetts M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-24 Spyce

Somerville, Massachusetts, United States

Spyce is a restaurant company that develops an automated robotic kitchen system designed to prepare made-to-order meals using programmable cooking and dispensing technology.. Spyce was founded in 2015 and is based in Somerville, Massachusetts.

Buy -