Addison, IL -- Parts Town, a technology innovator and market-leading distributor of OEM foodservice equipment parts, announced today that growth investment firm Leonard Green & Partners, L.P. (“Leonard Green”) has made a significant investment in the company. Existing investor Berkshire Partners will retain its majority stake in the company, reinvesting alongside the Parts Town management team and Leonard Green. This transaction represents an exit for Summit Partners, which invested in Parts Town as the company’s first institutional investor in 2013.
“We’ve been proud to work alongside CEO Steve Snower, CFO Lori Sherwood and the Parts Town team to support the company’s significant growth and expansion over the last eight years,” said Jay Pauley, Managing Director at Summit Partners. “We believe Parts Town is truly transforming its market, and we’re honored to have been a part of the company’s growth journey from an early innovator to an industry powerhouse.”
“Summit has demonstrated integrity and passion for Parts Town from the earliest days of our partnership,” said Steve Snower, CEO of Parts Town. “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.”
“I’ve now had the opportunity to work with Summit Partners through two growth businesses,” added Lori Sherwood CFO of Parts Town. “In each, I’ve found the Summit team to consistently strike the right balance of giving us the trust and freedom to run our business, while serving as accessible, active partners in growth.”
Parts Town partners with leading manufacturers to grow OEM parts market share, provide innovative tools to make researching and buying parts fast and easy, and improve equipment up-time. The company has grown from 125 team members in 2013 to over 2,500 today, with over $1 billion annual revenues and has been named to the Inc. 5000 list of fastest-growing U.S. companies for 13 consecutive years.
View the complete press release for additional details.
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