Marking the third investment in Fund III
BOSTON, Aug. 13, 2024 — Fort Point Capital, a Boston-based private equity firm, announced that it has acquired NewBold Corporation (“NewBold” or the “Company”), a leading provider of managed technology services to the quick service restaurant, retail, warehousing, and healthcare industries. Headquartered in Greenville, SC, NewBold supports point-of-sale (“POS”), automatic identification and data capture (“AIDC”), and payment device product lines, with services including on-site service response, depot repair services, technology procurement and deployment, configuration and integration, help-desk support, and payment device encryption and injection services.
“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, Partner at Fort Point Capital. “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.”
“We are thrilled to partner with the Fort Point Capital team,” stated Keith Howerin, CEO of NewBold. “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.”
“We have been extremely impressed by NewBold’s track record of growth and ability to serve customers at all stages of the technology cycle,” added Michael Duffy, Vice President at Fort Point Capital. “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 debt financing for the transaction. Akerman LLP and Forvis Mazars, LLP advised Fort Point Capital, while Artisan Investment Banking and Metz Lewis Brodman Must O’Keefe advised the Company.
About NewBold:
Founded in 1994, NewBold 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 https://www.newboldcorp.com.
About Fort Point Capital:
Fort Point Capital, a Boston-based private equity firm, employs a management-led, growth-oriented approach to private equity investing. Since its inception in 2011, Fort Point has partnered with founders and management teams to accelerate growth, expand service offerings, access new markets, and support follow-on acquisitions. With a portfolio that reflects over 50 acquisitions, Fort Point Capital continues to deliver enduring value to its partners, employees, and shareholders. Currently, the firm is investing from FPC Small Cap Fund III. To learn more, please visit https://fortpointcapital.com/.
SOURCE Fort Point Capital
