16 Dec Spoonfed delivers Equity Gap’s first successful exit
Equity Gap portfolio company Spoonfed has been acquired by US-based self-service catering specialist 365 Retail Markets, backed by Providence Equity Partners. The exit delivered returns for 31 Equity Gap members.
Spoonfed – a hospitality management software service, was founded in Scotland in 2013 by Willie Biggart and Murray McNicol. The company has grown rapidly since launch and is now used by many global brands and institutions, including 3 of the top 10 globally ranked universities.
Mr McNicol said: “It’s a cliché but it’s been a roller-coaster ride; the Covid-19 pandemic, in particular, hit the workplace catering industry really hard. This is an unsung sector, which works tirelessly in serving their customers.
We, at Spoonfed, with great support from our investors, doubled down, working hard to develop the right solutions to help caterers emerge in good shape to face the new catering 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.”
Mr Biggart said: “It’s been a real challenge to build it from that original idea and we certainly could not have done this without our backers from Equity Gap and Scottish Enterprise and of course our great and hard-working teams based in Glasgow, Scotland and Denver, Colorado. We are excited to be joining 365 as part of the next stage of our growth trajectory.”
Read the full story covered by The Herald HERE.