365 Retail Markets Announces Acquisition of Spoonfed
365 Retail Markets (“365”) a leading provider of self-service commerce technology to the foodservice industry, announced the acquisition of Spoonfed, a Glasgow-based company whose software is used by global contract caterers, restaurant chains and independent caterers across the US, UK and western Europe.
Spoonfed is a web-based software subscription service, founded in Scotland by Willie Biggart and Murray McNicol. The company has grown rapidly since its launch in 2013 and is now used by many global brands and institutions, including 3 of the top 10 globally ranked universities. It delivers significant efficiencies for a wide range of catering activities. With the help of software entrepreneur Steven Wojciechowski, they have created a dynamic software solution to support their clientele.
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 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 frictionless smart-stores, vending, and dining point-of-sale options to meet the expanding needs of its customers.
Spoonfed’s technology has synergies with 365’s existing product offering, and 365 CEO Joe Hessling believes it will add further value to their expanding suite of solutions for their 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 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.”
The deal involves 365 Retail Markets assuming full ownership of Spoonfed thus providing an exit for the investor base, including main backers Equity Gap and Scottish Enterprise. 365 will provide the capital, international network, and support for Spoonfed to realize its full potential particularly in the US and European markets as part of the broader 365 product portfolio. Biggart and McNicol will remain involved in driving the business, working alongside Allison Sutera, Chief Growth Officer at 365.
Murray McNicol co-founder of Spoonfed said “Workplace catering is an unsung sector, working tirelessly in the background to serve its customers. At Spoonfed, we simply want to make their day better by providing the best tools to help them produce and deliver great food, without worrying about the admin. In particular, during the Covid-19 period, we’ve worked hard to develop the right solutions to enable caterers to emerge in good shape to face the new workplace landscape. It’s terrific that Joe Hessling and the 365 Retail Markets team have recognized the efforts of our whole team and we are delighted to work with them to help build on the success of their outstanding self-serve product suite.”