Fort Point Capital has acquired NewBold Corporation, a provider of managed technology services to the quick service restaurant, retail, warehousing, and healthcare industries.
NewBold supports point-of-sale (POS), automatic identification and data capture (barcodes and RFID tags), and payment device (credit card readers and contactless payment terminals) product lines.
NewBold’s support services include on-site response and offsite depot repair services, technology procurement and deployment, configuration and integration, help desk support, and PCI-compliant payment device encryption to protect sensitive data during transactions. Newbold, led by CEO Keith Howerin, was founded in 1994 and is headquartered in Greenville, South Carolina.
“We are thrilled to partner with the Fort Point Capital team,” said Mr. Howerin. “This investment comes at an exciting time for NewBold – as field technology proliferates, customers are looking for a partner that can deploy, manage, and support their critical hardware assets across complex real estate footprints. Through continued investments in talent and technical capabilities, we see tremendous opportunity to expand our service suite with existing customers and support new accounts across end markets.”
“Over the past five years, Keith Howerin and the talented team at NewBold have made investments in new capabilities and executed on strategic acquisitions to build a leading technology services platform, and we are very excited to support the company’s next phase of growth,” said Paul Lipson, a partner at Fort Point. “NewBold’s reputation as the partner-of-choice for technology OEMs and multi-site enterprises with complex, mission-critical technology needs is a testament to the Company’s outstanding service record and unique expertise.”
Boston-based Fort Point invests from $10 million to $30 million of equity in lower middle-market companies with enterprise valuations of $20 million to $100 million. Sectors of interest include business services, healthcare services, information and software, and transportation and logistics.
In September 2022, Fort Point held an oversubscribed, hard cap, and final closing of its third private equity investment fund, FPC Small Cap Fund III LP and FPC Small Cap Fund III-A LP, with $340 million in capital commitments.
“We have been extremely impressed by NewBold’s track record of growth and ability to serve customers at all stages of the technology cycle,” said Michael Duffy, a vice president at Fort Point. “The company also has a track record of expanding its commercial and technical reach through successful acquisitions, and we will seek to build on and accelerate that strategy during our partnership.”
Old Second National Bank and Brookside Mezzanine provided the debt financing for the acquisition of NewBold.
Artisan Investment Banking was NewBold’s financial advisor.
© 2024 Private Equity Professional | August 15, 2024
