Micro market leader 365 Retail Markets announced it has received a majority investment from Providence Equity Partners, a Rhode Island-based private equity firm. The investment amount was not disclosed. Joe Hessling, founder and chief executive of 365, will continue to lead the company and maintain an ownership stake.
Founded in 2008 and based in Troy, Mich., 365 Retail Markets provides self-service technologies -- including software as a service, payment processing, and point-of-sale hardware -- for foodservice operators. Its offerings power unattended food retail spaces at corporate offices, distribution facilities and factories, among other locations, through smart stores, cashless vending and self-service dining.
Providence specializes in the media, communications, education, software and services industries. Providence said it will partner with 365’s current investor, Nebraska’s McCarthy Capital, and the micro market company’s management team to advance the unattended retail market industry, fuel product development and customer services, and encourage growth. It has about $44 billion in aggregate capital commitments and has invested in more than 170 companies since it was founded in 1989.
“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 of 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.”