TROY, Mich., Dec. 24, 2020 /PRNewswire/ -- 365 Retail Markets
("365" or the "Company"), a leading provider of self-service
commerce technology to the foodservice industry, today announced a
majority investment from Providence Equity Partners ("Providence"), a premier private equity firm
that specializes in the media, communications, education, software
and services industries. Providence will partner with current investor
McCarthy Capital and the Company's management team to seek to
advance the unattended retail market industry, fuel product
development and customer services, and continue to accelerate
growth. 365's CEO and Founder, Joe
Hessling, will continue to lead the Company and maintain a
significant ownership stake.
Founded in 2008, 365 Retail Markets provides a full suite of
self-service technologies for food service operators. Today, the
Company's technology solutions – end-to-end integrated SaaS
software, payment processing and point of-sale hardware – power
unattended food retail spaces at corporate offices, manufacturing
and distribution facilities, and more, providing compelling
foodservice options for consumers. 365's technology solutions
include a growing suite of unattended smart-stores, cashless
vending, and self-service dining point-of-sale options to meet the
expanding needs of its customers.
"We are proud of the significant growth we have achieved to-date
as we drive value for stakeholders across the foodservice industry
as well as corporate campuses, and we see tremendous opportunities
ahead," said Hessling. "We have built a deep relationship with the
Providence team and are confident
that they share our vision for the business. They are an excellent
cultural fit with our team at 365, and we are thrilled to partner
with them as we embark on this next chapter of our Company's
growth."
"Joe and the 365 team have built a leading business that
provides innovative technology solutions to support foodservice
operators," said Scott Marimow, a
Managing Director at Providence.
"We believe the Company has a compelling value proposition and is
ideally positioned within a large and growing addressable market,
with great opportunities for further expansion through a variety of
growth initiatives. We are excited to partner with the 365 team and
look forward to adding lasting value in the years ahead."
Jennifer Hoh, a Managing Director
at Providence, added, "The market
opportunity presented by unattended retail is extremely exciting.
365 has an impressive track record of driving market adoption with
its end-to-end solutions and we look forward to working with the
entire team through the Company's next phase of growth."
About 365 Retail Markets
365 Retail Markets is the global leader of self-service technology
and services for the Contract Foodservice industry. 365 has won
many awards for their innovation and growth, including being named
to the Inc. 5000 list of the fastest-growing private companies in
the U.S. several times. Through our combination of MicroMarket,
vending, and dining technologies, we offer the best-in-class
point-of-service platform for the workplace. 365 offers a
consolidated approach to operators seeking a streamlined system
that consumers love to use. 365 has been pioneering innovation in
the industry since 2009 and continues to revolutionize the market
with superior technology, strategic partnerships and ultimate
flexibility in customization and branding. 365 is committed to
capturing every single transaction, every single time, by
delivering products that are secure, scalable and reliable. For
more information about 365 Retail Markets,
visit www.365retailmarkets.com. You can also follow 365
Retail Markets
on Facebook, Twitter, YouTube, and LinkedIn.
About Providence Equity Partners
Providence is a premier global private equity
firm with approximately $44 billion
in aggregate capital commitments. Providence pioneered a sector-focused approach
to private equity investing with the vision that a dedicated team
of industry experts could build exceptional companies of enduring
value. Since the firm's inception in 1989, Providence has invested in more than 170
companies and is a leading equity investment firm focused on the
media, communications, education, software and services industries.
Providence has a long history of
successfully investing in the automotive technology sector.
Providence is headquartered in
Providence, RI, and also has
offices in New York and
London. For more information,
please visit www.provequity.com.
About McCarthy Capital
McCarthy Partners Management, LLC is a registered investment
advisor that conducts business as McCarthy Capital. McCarthy
Capital, headquartered in Omaha,
NE, is focused exclusively on lower middle-market companies.
For more than 30 years, the McCarthy organization has been
partnering with founders, families and exceptional management teams
to support the growth of their companies. More information about
McCarthy Capital can be obtained
at www.mccarthycapital.com.
Media Contacts
365 Retail Markets
Linde
Hutson / Melissa Bombetto
marketing@365smartshop.com
Providence Equity Partners
Andrew Cole / Kelsey
Markovich / Hayley Cook
Sard Verbinnen & Co
prov-svc@sardverb.com
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SOURCE 365 Retail Markets, LLC