Spencer Technologies acquired by PE-backed firm

Retail services provider Spencer Technologies has been acquired by a South Carolina-based company backed by a private equity firm.

NewBold Technologies, a portfolio company of Boston-based Fort Point Capital, announced its acquisition of Medway-based Spencer on Tuesday. A fellow retail service provider, NewBold said acquiring Spencer broadened its reach across North America and improved its project management capabilities.

Financial terms of the acquisition were not disclosed. 

Serving as a technology contractor for retailers and restaurants, Spencer assists its clients with selecting, buying, and servicing equipment like point-of-sale registers, payment systems, and self-service kiosks. 

Spencer’s clients have included Trader Joe’s, Ocean State Job Lot, Shake Shack, and BJ’s Wholesale, according to its website. 

Spencer CEO David Strickler will stay on as a consultant, according to NewBold’s announcement, with Spencer’s website saying it will continue to provide the same services with the same employees.

Fort Point Capital describes itself as a private equity firm focused on acquiring and growing service-based businesses. Companies in Fort Point’s portfolio include Freetown-based environmental service firm Boston Green Co. and Wisconsin-based wastewater infrastructure firm VisuSewer.

Spencer spent $12 million to consolidate its national operations in Medway in 2018.

Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.