"Convenience retailing is one of the world's fastest-growing industries driven by time-constrained consumers, and we are happy to expand our footprint [image-nocss] in the U.S. as a U.S.-based company," said Ken Horner, CEO of Shop24 Global. "These consumers are seeking ease and convenience in all aspects of their lives and want the ability to purchase a range of products 24 hours a day, 7 days a week."
He added, "At Shop24, we are the leader in the automated store market and have the first-mover advantage with over 230 stores delivered to date, predominantly located throughout Europe, and now a strong presence in the U.S. market with our locations in Ohio, New York and California."
Initially conceptualized in Belgium, Shop24 offers consumers a service-driven and convenient self-retail solution. The patented self-retail concept provides a robotic delivery system containing approximately 200 different items weighing from 1 oz. to 8 lbs., enabling 24x7 consumer purchasing opportunities.
Shop24 stores can operate as an independent retailer and therefore are able to offer consumers a wide range of grocery, drink and snack products, all in a self-retailer environment. Shop24's product portfolio includes fresh and chilled products, as well as other prepackaged grocery and convenience products. All products are consumer ready and attractively displayed behind safety glass and the automated store is fully equipped with a security system.
The acquisition of the assets from Shop24 Holding bv was facilitated by a group of private investors led by PROffutt LP. Terms of the transaction were not disclosed.
McGovernWang LLC, an independent investment banking and global financial advisory firm based in New York City, acted as the buy-side advisory on the transaction.
PROffutt is a family-owned investment firm that has significant holdings in food production, food manufacturing, real estate and equipment dealerships. The enterprise was started in 1993. Its investments span more than 17 states with more than $100 million in assets. The spirit of the company is entrepreneurial and the company seeks investment opportunities where expertise in concept, personnel, and product merge. We are a growth oriented company. Prominent investment partners include Lamb Weston/ConAgra, John Deere Corp., RDO Equipment Company, and R.D. Offutt Co.
Shop24 is underpinned by service-driven technology that capitalizes on the gap between manned convenience retail stores and traditional vending machines. Shop24 stores are powered by patented technology that enables business-driven processes such as dynamic pricing, promotions, real-time inventory management, as well as the capture and measurement of key retail business metrics. Shop24 meets all U.S. federal and state regulations, requirements and standards for retail operation: UL, FCC and ADA.
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