Boston-based investment firm Berkshire Partners has led a majority recapitalisation of Parts Town, a parts distributor in the foodservice equipment market.
Summit Partners, an existing shareholder, will remain a significant investor in the company. Terms of the transaction have not been disclosed.
Founded in 1987 in Addison, Illinois, Parts Town is the fastest-growing distributor of genuine OEM repair and maintenance parts for the foodservice industry and provides locally-focused field service and technical support.
Parts Town provides customised solutions to food equipment manufacturers, food equipment service companies, and restaurants. The company has been named to the Inc. 5000 list of fastest-growing US companies for seven consecutive years.
Recently, Parts Town acquired Whaley Foodservice Repairs, a large parts distribution and service business, expanding the company’s footprint and further enhancing its customer service capabilities.
“As the company’s first institutional investor, we have worked closely with Steve Snower and his team since 2013 to help drive transformational growth in the business,” says Jay Pauley, a principal at Summit Partners who will remain on the Parts Town board of directors. “We are proud to have partnered with Parts Town and are thrilled to continue our support of this great team.”
“We welcome this new collaboration with Berkshire Partners and look forward to continuing our work with Summit Partners as we invest to further differentiate our business in support of our manufacturer and customer partners,” says Parts Town CEO Steve Snower. “Parts Town is committed to growing our business by striving for excellence, encouraging extraordinary innovation and acting with complete integrity. We are delighted to have investors who share our values and vision for success.”
