ERES invests in HungerRush
ERES has invested $30m in HungerRush, a US-based leading cloud-based software provider for the restaurant industry, alongside Corsair Capital, CapStreet and management.
Founded in 2003, HungerRush has been driving the transition from the Point-of-Sale (POS) terminal of the past to the integrated cloud POS system of the future. HungerRush 360 is an all-in-one cloud POS system combining restaurant management, payment processing, customer engagement, digital ordering capabilities and delivery management features. With its flexible software, HungerRush gives operators of all sizes more insight into their customers, control over their operations, and power to profitably grow their business, primarily serving multi-site quick service restaurants (QSR) and fast casual operators, two segments that offer more resilience and a higher growth rate than the overall industry.
HungerRush expects to enhance product and technology offerings, and continue to build on its history of successful acquisitions, including OrdrAI in 2020, Menufy and 9Fold in 2021. Perry Turbes, CEO of HungerRush, will continue to lead the Company and the current shareholders, including the management team, will roll a significant portion of their equity value into the transaction.
Vincent Manès and Laure Lamm-Coutard, Partners at Elyan Partners, say: “We are excited to support HungerRush in its quest to transform, streamline and enhance restaurant experience for both managers and customers thanks to its holistic solution and look forward to supporting its growth in this large and dynamic market.”
Jeremy Schein, Partner at Corsair, says: “HungerRush is at the forefront of digital transformation in the restaurant industry. We see tremendous growth potential given its highly differentiated technology architecture, impressive sales momentum and customer pipeline, and numerous upsell and cross-sell opportunities. We look forward to partnering with Perry and the HungerRush team to capitalize on the significant opportunities in the large and growing market for digital restaurant solutions.”
Adrian Guerra, Partner at CapStreet, says: “We are proud to have supported HungerRush over the past four years as the Company has grown into a leading end-to-end integrated payment, SaaS & eCommerce platform. Rapidly-shifting preferences of the post-pandemic consumer have resulted in dramatic changes throughout the restaurant industry, and HungerRush’s all-in-one solution has helped their restaurant customers navigate this environment.”
Perry Turbes, Chief Executive Officer of HungerRush, says: “We are excited to welcome a like-minded partner with an impressive track record of supporting payments and software companies as we enter the next stage of our growth. Corsair’s investment and partnership provides an opportunity for HungerRush to capitalize on organic and inorganic growth opportunities, enhance our product offerings and go-to-market strategy, and continue to support clients with comprehensive payment and restaurant management solutions that are individually tailored to their values and business goals.”
About Elyan Partners and Edmond de Rothschild Private Equity
Elyan Partners is a member of the Edmond de Rothschild Private Equity partnership and is the exclusive financial advisor for the ERES (Edmond de Rothschild Equity Strategies) and Privilege strategies, together totalling close to €1 billion in assets under management. Through a collaborative investment strategy with management teams and shareholders, Elyan is committed to supporting the sustainable growth of midcap companies in Europe and the United States.
Edmond de Rothschild Private Equity is an independent firm, part of Edmond de Rothschild Asset Management, with over CHF3 billion in assets under management. With an entrepreneurial approach to finance and backed by strong convictions, Edmond de Rothschild Private Equity builds and develops differentiating investment strategies that provide a sustainable response to environmental and social issues. Created in 1953, the Edmond de Rothschild group has CHF 168 billion in assets under management, 2,500 employees and 33 locations worldwide.