365 Retail Markets, a leading provider of self-service commerce technology to the foodservice industry, 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.
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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.”
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“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.”
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