Fidelity's push into catering
Fidelity getting into a sector dominated by Starbucks and upscape catering companies? That is apparently the case, according to Jay Fitzgerald of the Boston Herald:
Last month, Fidelity Capital best known for owning the Seaport Hotel, World Trade Center and the limousine service Boston Coach opened a Sebastians cafe to the public at One Devonshire Place, hoping to tap into the appetites of the buildings residents as well as Financial District workers.Selling muffins has nothing to do with managing mutual funds, but I am not going to protest too much. Fidelity Capital is, after all, the venture capital arm of Fidelity Investments. They're supposed to look for businesses that they think have big growth potential, and invest in them. I question the potential profitability of anything relating to food service, but obviously Fidelity Capital has researched this niche, and thinks it's a worthy investment. Time will tell ...Meanwhile, the company purchased New Yorks Fisher & Levy Catering this past summer, adding about 200 clients to its corporate catering division, in addition to more than 400 corporate clients now served in the Boston area.
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