Distributor of restaurant equipment parts and technical service
Completed three acquisitions to expand geographic reach and capabilities
Increased pro forma revenues by nearly 3x during Summit’s initial investment period
Added 400+ employees
Nearly doubled customer base to serve more than 100,000 customers across the United States
With an extraordinary commitment to customer service and innovation, and an industry-leading e-commerce platform, Parts Town had become the fastest-growing OEM parts distributor 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
- 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 to accelerate 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 investment, Parts Town has nearly doubled its year-over-year revenue growth rate, fueled by new customer growth, additional service offerings, an enhanced technology platform and new master distribution partnerships. The company continues to innovate and works every day to delight customers and support manufacturing partners.