Companies

Case Study:

Parts Town

“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. As board members and partners, the Summit team has been a large part of the Parts Town growth story.”

Steve Snower, CEO

Location:
Addison, IL
Leadership:

Steve Snower

Bill Reedy

Founded in:
1987
invested in:
2013
Status:

Acquired by Berkshire Partners
and Leonard Green Partners 2021

Case Study:

Parts Town

Distributor of restaurant equipment parts and technical service

Completed more than a dozen acquisitions to expand geographic reach and to serve new segments

Increased revenues more than 10x during Summit’s investment period

Expanded team from 100+ employees to more than 2,500

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 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

Since Summit’s initial investment, Parts Town has grown 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 a financial sponsor, representing an exit for Summit Partners.