Whaley was founded in 1944 by Wells Whaley and was originally named Whaley Electrical Service. The company is headquartered in Lexington, SC (www.whaleyfoodservice.com).
As part of this transaction, Mr. Whaley will join the Parts Town Board of Directors and will serve as an executive advisor to the company. “Our partnership with Whaley will enhance our ability to bring value to our manufacturer and customer partners,” said Steve Snower, CEO of Parts Town. “We are thrilled to welcome the entire Whaley team to the Parts Town.
Parts Town, acquired by Summit Partners in December 2013, is also a distributor of OEM repair and maintenance equipment parts for the restaurant and foodservice industry. Customers include chain restaurants and food equipment service companies. The company was founded in 1987 and is headquartered near Chicago in Addison, IL (www.partstown.com).
Jay Pauley, a Principal at Summit and a member of the Parts Town Board of Directors, noted the strategic importance of this acquisition. “Parts Town is a strong platform in the market for OEM foodservice parts and repairs. This acquisition of Whaley is a great example of the opportunities – both organic and inorganic – available to expand the company’s footprint and enhance customer service. We believe the combination strengthens Parts Town’s position as an industry leader in OEM parts distribution.”
Summit Partners provides private equity and venture capital for growth companies. Founded in 1984, Summit has raised more than $16 billion in capital and has provided equity, recapitalization, and management buyout financing to more than 395 companies across a range of industries. The firm has offices in Boston, Palo Alto, London, and Mumbai (www.summitpartners.com).
Investment bank Metronome Partners was the financial advisor to Parts Town. Metronome has offices in Chicago and Memphis (www.metronomepartners.com).
© 2016 PEPD • Private Equity’s Leading News Magazine • 2-26-16