Parts Town

Distributor of restaurant equipment parts
Invested in
2013
Status

Acquired by Berkshire Partners and Leonard Green Partners 2021

Location
Addison, IL
Sector
Growth Products & Services
Sector
Growth Products & Services
Summit Team

"Summit has demonstrated integrity and passion for Parts Town from the earliest days of our partnership. They shared our ambition for the business and brought meaningful resources to bear in helping make that vision a reality."

Steve Snower
CEO
|
Parts Town
12+

Acquisitions completed to expand geographic reach and serve new segments

10x

Revenue growth during Summit’s investment period

2500+

Employees, expanding from 100+ at the time of Summit’s investment

2021

Acquired by Berkshire Partners and Leonard Green Partners

12+

Acquisitions completed to expand geographic reach and serve new segments

10x

Revenue growth during Summit’s investment period

2500+

Employees, expanding from 100+ at the time of Summit’s investment

2021

Acquired by Berkshire Partners and Leonard Green Partners

Summit Team

With a commitment to customer service and innovation, and an industry-leading e-commerce platform, Parts Town had become one of the fastest-growing OEM parts distributors to the foodservice industry in North America. CEO Steve Snower believed there was significant opportunity to further accelerate growth – both organically and through acquisitions – and sought a financial partner that would bring experience in technology-enabled distribution and services as well as the resources necessary to help realize his vision for the business.

How Summit Partners Helped

  • Led a majority investment in December 2013 as the company's first institutional investor
  • Worked closely with CEO Steve Snower to add an experienced CFO, who had previously served as CFO at a prior Summit portfolio company. Summit’s Talent & Recruiting Team also helped fill key roles in sales and marketing.
  • Collaborated with management to formulate an acquisition strategy focused on accelerating growth. Assisted in sourcing, diligencing and financing three acquisitions – including the acquisition of Whaley Foodservice Repairs – to expand Parts Town’s geographic reach and enhance its customer service capabilities.
  • Summit’s Capital Markets team helped structure, negotiate and execute multiple credit facilities to help fund the company’s acquisition strategy
  • Summit’s Peak Performance Group helped to optimize Parts Town’s value proposition, sales force and customer success teams, identifying opportunities to segment the team to improve productivity and implement standardized processes and pricing

During Summit’s investment, Parts Town grew significantly, fueled primarily by new customer and acquisition-driven growth, expansion into new service segments, an enhanced technology platform and new master distribution partnerships. The company continues to innovate and works every day to delight customers and support its more than 1000 manufacturing partners. In 2021, Parts Town completed a majority recapitalization led by Berkshire Partners and Leonard Green Partners, representing an exit for Summit Partners.

The Portfolio Company Executive quoted herein did not receive compensation for any statements regarding Summit Partners. However, since Parts Town is a former portfolio company of Summit, this individual did receive general compensation in connection with his employment by the company. In addition, this individual is not an investor in a Summit fund but may have conflicts arising from his role with Parts Town due to the company’s relationship with Summit.

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