Summit Partners has made a majority investment in Parts Town, a distributor of repair and maintenance equipment parts for the restaurant and foodservice equipment sectors. Parts Town’s founder Bill Reedy, CEO Steve Snower, and the management team will remain sizeable shareholders in the company.
The strategy of Parts Town is to partner with manufacturers of commercial cooking, refrigeration, ice, and beverage equipment to improve their parts supply chain, improve customer service, and grow parts sales. Parts Town has been recognized by Inc. Magazine as one of America’s fastest-growing private companies for five consecutive years. Parts Town was founded in 1987 and is based near Chicago in Addison, IL (www.partstown.com).
“Parts Town is changing the distribution channel by providing manufacturing partners with technology, customer service and logistical support to improve sales and customer retention,” said Joe Trustey, a Managing Director with Summit Partners.
Summit Partners provides private equity and venture capital for growth companies. Founded in 1984, Summit has raised more than $15 billion in capital and has provided equity, recapitalization, and management buyout financing to more than 380 companies across a range of industries. Summit Partners has offices in Boston, Palo Alto, London, and Mumbai (www.summitpartners.com).
“We welcome this partnership with Summit Partners,” said Parts Town CEO Steve Snower. “Our company prides itself on a culture of change, innovation, and accomplishment. Summit shares our core values and the ambition we have for this business. Our new investors bring decades of experience building, growing, and leading world-class companies. I look forward to partnering with them to scale Parts Town to new levels of success.”
Weil Gotshal & Manges provided legal counsel and Ernst & Young provided accounting services to Summit Partners. Kirkland & Ellis served as legal counsel and Metronome Partners provided financial advisory services to Parts Town.
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-15-14