365 Retail Markets Announces Majority Investment from Providence Equity Partners
Company to Benefit from Growth Investment and Providence Expertise; Current Investors and Management Team Retain Significant Ownership
TROY, Mich., Dec. 24, 2020 -- 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.