Industry researcher Black Box Intelligence (BBI) has sold a majority stake in the company to Diversis Capital Partners, a Los Angeles-based buyer of technology concerns.
The size of the investment and other financial details were not disclosed.
BBI co-founders Wallace Blair and Joni Thomas Doolin will maintain an association with their brainchild as minority investors, board members and strategic advisors. Kelly Valade remains president and CEO.
“Our new partnership with Diversis enables us to accelerate investments in our team and technology that will further our mission of revealing new insights to our clients that unlock their potential while enriching the lives of those that work in or support the restaurant industry,” Valade said in a statement.
BBI, formerly known as TDn2K and People Report, provides syndicated research on restaurant employment and wages, financial performance, customer sentiment and consumer trends. It is based in Dallas, Texas.
In what the parties described as a related transaction, Diversis purchased ArrowStream, a cloud-based provider of supply-chain management software for foodservice operators, in December. Diversis had been an investor in ArrowStream for four years before buying control.
Diversis will provide BBI with growth capital and operational expertise, according to the announcement, according to the announcement of the deal.
“Diversis has had tremendous success investing in technology businesses that support the restaurant industry,” Kevin Ma, the investment company’s managing partner, said in the announcement. “Black Box Intelligence has everything we’re looking for in a successful platform–a highly unique and unmatched product offering, a management team of recognized industry thought leaders and a strong and loyal customer base.”