AutoQuotes (AQ), the parent company of catering equipment quotation platform, CaterQuotes (CQ), has received a strategic growth investment from a private equity firm Luminate Capital Partners.
The cash injection is aimed at supporting continued growth for AQ and UK-based subsidiary CQ.
Kate Motes Schmidt, former chair of AutoQuotes’ board of directors said: “Our family is very excited, this investment from Luminate will allow AutoQuotes to continue its critical role of serving the foodservice equipment and supplies (FES) industry as a trusted long-term technology partner, bringing ongoing innovation and value to the industry.
“We believe that the Luminate team’s extensive experience helping software companies grow and scale will not only preserve the legacy our father created but help elevate AutoQuotes to the next level.”
Kent Motes Jr. and Alex Motes will continue to maintain representation on the board of directors for the Motes family. Additionally, Hollie Haynes, Mark Haidet, Scott Kingsfield, and Sanjay Palakshappa from Luminate Capital Partners will join the board as the majority shareholder.
Haynes commented: “Creating a market leadership position as a stand-alone family owned business is truly an impressive accomplishment.
“We believe our experience growing software companies combined with the 20 years our operating partners each have in the restaurant technology market will allow us to take AutoQuotes to the next level of success.”
Haidet added: “We are excited to be working with a market leader like AutoQuotes, who is delivering tremendous value to the entire FES market.
“We look forward to working closely with the team to deliver even more value to the industry through deeper relationship development, expanded product offerings and ongoing innovation.”
AQ and CQ software platforms connect foodservice equipment manufacturers and suppliers and their customers to market, configure and quote equipment and supplies efficiently.
Both systems enable their publishers to position their products to more than 21,000 dealers, reps and consultants in North America and Europe and provide value-added services in the design of commercial kitchens and order tracking. The platforms publish over 800 manufacturers and suppliers, generating over $70bn in quotes annually.