Last updated on August 7th, 2023 at 11:34 am
Overland Park, Kansas-based Storewise has announced a majority investment from Nexa Equity, a private equity firm.
Storewise’s management team will continue to lead the business as the company further accelerates growth and expands to more customers. Financial terms of the transaction were not disclosed.
The software platform enables grocery operators to streamline operations and improve store profitability. Independent grocers throughout the U.S. depend on the Storewise platform for price optimization, supply chain automation and risk management. Automating and optimizing business processes has become critical for independent grocery store operators to be competitive with big-box retailers, particularly in the last few years as the independent grocery category has rapidly grown.
Storewise plans to utilize the investment from Nexa Equity to support its customer base, develop new products and accelerate go-to-market efforts. Storewise and Nexa Equity will partner to implement software best practices and execute strategic acquisitions to bolster the functionality of the software platform.
A study by National Grocers Association notes that 33 percent of grocery sales in the U.S. are purchased at independent grocery stores, up from 25 percent one decade ago. The Storewise platform is equipped to help independent grocers automate manual tasks, enhance profitability, identify errors, improve operational efficiency and minimize shrink. The company is expanding and serves more than 700 stores.
“The Storewise team takes pride in working with independent grocers, who play a vital role in our communities and employ more than 1 million Americans. We’re dedicated to supporting an industry critical to our nation’s economy by building a unified software platform that helps independent grocers operate more profitably and efficiently,” said Christopher Greco, president and CEO.
“We’re excited to have found a likeminded growth partner in Nexa Equity that shares our core values and will help accelerate our vision. The pace at which Storewise is being adopted, and the positive results grocers are experiencing, let us know that we’re on the right track.”
Vlad Besprozvany, founder and managing partner of Nexa Equity, said, “We are thrilled to back Chris and the Storewise team to drive transformation in the independent grocery industry. We’ve been thoroughly impressed by what the Storewise team has built to date and believe that by further investing in product development and strategic M&A, Storewise will be even better positioned to deliver value to independent grocers.”
Weil, Gotshal & Manges and Kirkland & Ellis served as legal counsel to Nexa Equity. Stinson served as legal counsel to Storewise.
Read more grocery store equipment news from The Shelby Report.
