NewBold Technologies Announces Acquisition of Spencer Technologies

NewBold Technologies ("NewBold"), a portfolio company of Fort Point Capital, announced today that it has completed the acquisition of Spencer Technologies ("Spencer"), a leading technology services provider to specialty and big-box retail, grocery, and QSR brands.

The combination creates one of the top technology services providers in North America, with a client base spanning leading enterprise accounts across the retail, restaurant, convenience store, and warehousing sectors. For these accounts, the combination significantly deepens geographic coverage across North America, with an extensive W2 and Certified Contractor network of service technicians providing increased levels of support and response. Further, the combined platform will provide clients with deep subject matter expertise spanning point-of-sale, RFID, audio/visual, networking, and payments technology.

"This is a defining moment for our business," said Johan Claassen, CEO of NewBold. "Spencer brings exceptional retail relationships, operational maturity, technical talent, and a project management capability that is best-in-class. Combined with NewBold's payment device expertise and nationwide technician network, we have the platform to compete at the very top of our industry."

"We are thrilled to be partnering with NewBold," said David Strickler, CEO of Spencer, who will remain with the business in a consulting capacity. "Johan and his team have built a special business, and this combination will allow us to provide an even higher level of service to our customers, several of whom we have been working with for the last two decades."

"Spencer is a natural extension of NewBold's core Technology Managed Services practice, and we could not be more excited to welcome the talented Spencer team," said Michael Duffy, Principal at Fort Point Capital. "The combined business will offer clients a single partner for technology procurement, deployment, support, payment device management, and lifecycle planning."

About NewBold Technologies

Founded in 1994, NewBold Technologies is a leading technology managed services provider, providing OEMs and multi-site enterprises with specialized deployment, integration, repair, and maintenance services for point of sale and automated identification and data capture equipment. NewBold also operates a PCI-compliant key injection facility, serving as a one-stop payment device solutions provider to end users and channel partners throughout the payments ecosystem. To learn more, please visit newboldtech.com.

About Spencer Technologies

Spencer Technologies is a leading technology lifecycle partner for multi-site retail and hospitality brands. For more than five decades, Spencer has helped hundreds of the world's leading brands plan, procure, stage, deploy, support, and refresh their store technology environments. Spencer manages the complexity that comes with operating at scale, supporting 1,500+ new store openings per year, 500+ field jobs per day, and a 97% on-time delivery rate across deployments in North America. To learn more, please visit spencertech.com.

About Fort Point Capital

Fort Point Capital brings a management-led, growth-oriented approach to private equity investing, targeting fragmented sectors of the business services industry. Founded in Boston in 2011, Fort Point partners with founders and management teams to accelerate growth by providing resources to expand teams and infrastructure, improve service offerings, access new markets, and support follow-on acquisitions. Fort Point fulfills its commitment to management, employees and shareholders by employing a repeatable process to drive durable value, showcased in over 60 acquisitions since its inception. Fort Point is currently investing from FPC Small Cap Fund III. To learn more, please visit fortpointcapital.com.