Partnership expands geographic reach and creates industry leader in the market for OEM foodservice parts
MENLO PARK, CALIFORNIA and ADDISON, ILLINOIS — PT Holdings, LLC (“Parts Town”) today announced its acquisition of Whaley Foodservice Repairs, Inc. (“Whaley”). Parts Town is a portfolio company of global growth equity investor, Summit Partners. Founded in 1987 and based in Addison, Illinois, the company focuses on the marketing and distribution of genuine OEM parts to customers in the foodservice industry, and provides field service in support of its manufacturer partners.
Founded in 1944 and headquartered in Lexington, South Carolina, Whaley Foodservice operates one of the industry’s most extensive national parts distribution capabilities. Whaley also partners with the industry’s leading manufacturers to provide field service in selected local markets. As part of the transaction, Whaley founder, Wells Whaley, will join the Parts Town Board of Directors and will serve as an executive advisor to the company’s leadership.
“Our partnership with Whaley will enhance our ability to bring unique value to our manufacturer and customer partners,” commented Steve Snower, CEO of Parts Town. “We are thrilled to welcome the entire Whaley team to the PT Holdings family.”
Summit’s Jay Pauley, who sits on the Parts Town Board of Directors, emphasized the strategic importance of this acquisition. “Parts Town is a strong platform in the market for OEM foodservice parts and repairs. This acquisition 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.”
Metronome Partners served as exclusive financial advisor to PT Holdings.
About PT Holdings
PT Holdings operates a group of companies in the foodservice market focused primarily on genuine OEM parts distribution. Parts Town, the group’s largest brand, is a leading distributor of genuine OEM parts providing unsurpassed access industry-leading innovation to both customers and manufacturers. PT Holdings also operates a group of locally-focused field service companies to further support its manufacturer and customer partners. The field service businesses operate independently from Parts Town under their own brands with their own leadership.
About Summit Partners
Founded in 1984, Summit Partners is a global growth equity firm that is currently investing more than $6.5 billion into equity and fixed income opportunities. Summit has invested in more than 430 companies in healthcare, life sciences, technology and other growth sectors. These companies have completed more than 135 public offerings, and more than 160 have been acquired through strategic mergers and sales. Notable technology-enabled business services companies financed by Summit Partners include Central Security Group, Vivint and Systems Maintenance Services. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.