Hermosa Beach-based private equity firm Marlin Equity Partners has purchased two software platforms designed to manage labor, inventory and operations for the restaurant and hospitality industries.
Marlin Equity bought Austin, Texas-based HotSchedules, which developed employee scheduling and labor management programs for the restaurant and hospitality industries, and London-based Fourth, which offers a software platform for hospitality workforce management and cost-control operations.
HotSchedules and Fourth will merge their businesses. Financial details of the transaction were not disclosed.
Marlin said in a statement that the companies will create one of the largest back-office software platforms currently installed in more than 120,000 locations.
The combined organization will be based out of HotSchedules’ corporate headquarters in Austin and will maintain offices in London and Atlanta.
New York-based Insight Partners partnered with Marlin in the transaction and will hold a minority stake in the combined company.
Minneapolis-based Piper Jaffray & Co. and Chicago-based William Blair & Co. acted as financial advisor and downtown-based Latham & Watkins served as legal adviser to Marlin Equity Partners. New York City-based Morgan Stanley & Co. acted as financial adviser, and Chicago-based Kirkland & Ellis served as legal adviser to HotSchedules. New York City-based Jefferies Group served as financial adviser to Fourth.
Finance reporter Pat Maio can be reached at email@example.com or (323) 556-8329.
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