Unattended retail technology leader 365 Retail Markets has acquired Spoonfed, a Glasgow-based company that provides software contract caterers and restaurant chains in the U.S., UK and western Europe. The deal's financial terms were not disclosed.
Spoonfed's management software is sold through web-based software subscription services. Founded in Scotland by Willie Biggart and Murray McNicol, the company has grown rapidly since its launch in 2013. According to 365's news release, Spoonfed is now used by three of the top 10 globally ranked universities. Biggart and McNicol will remain involved in the business.
The deal involves 365 Retail Markets assuming full ownership of Spoonfed thereby providing an exit for the investor base. Spoonfed's main backers are Equity Gap and Scottish Enterprise. Troy, MI-based 365 will provide the capital, international network and support for Spoonfed to realize its full potential in the U.S. and European markets as part of the broader 365 product portfolio, which includes self-checkout micro market systems.
According to 365 chief executive Joe Hessling, Spoonfed’s technology has synergies with 365’s existing product offerings. “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,” Hessling said.
“We have built a fantastic relationship with the Spoonfed team, and 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 targeting international markets, higher education and business dining sectors.