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