Parts Town announced that Los Angeles-based growth investment firm Leonard Green & Partners, L.P. (“Leonard Green”) has made a significant investment in the company. Existing investor Berkshire Partners (“Berkshire”) will retain its majority stake in the company, reinvesting alongside the Parts Town management team and Leonard Green.
These investments will enable Parts Town to accelerate innovation across its supply chain, distribution, and ecommerce operations while further investing in its team to drive sustained high growth. The transaction will also support the company’s rapid international expansion and its vision to extend into other mission critical parts categories including residential appliance parts, HVAC parts, and laundry parts.
“We are thrilled that Berkshire Partners has reinvested in Parts Town and will continue to partner with us for years to come. We are also incredibly excited to welcome Leonard Green & Partners to the team. We have huge growth ambitions, and the combination of Berkshire and Leonard Green positions us to rapidly scale and further differentiate,” said Steve Snower, CEO of Parts Town. “We are committed to accelerating innovation, providing a unique customer experience, and acting with complete integrity. We are delighted to have partners who share both our values and our ambition.”
“Parts Town is an incredibly special company. Steve and the entire team are passionate about developing best-in-class technology to serve their suppliers and customers,” said Larry Hamelsky, a Managing Director of Berkshire Partners. “We are deeply proud of our long- standing partnership with this team, and we are excited to collaborate with Parts Town and Leonard Green to support the next chapter of innovation and growth.”
Jonathan Seiffer, Senior Partner at Leonard Green, commented, “We are delighted to be partnering with the exceptional team at Parts Town. We invest in companies that win with people, have a differentiated culture and are market leaders with multiple ways to grow — and Parts Town is the perfect example. The company’s customer-first mission and employee-centric values perfectly align with what we believe at Leonard Green. We have admired Parts Town for a long time and are excited to be partnering with Parts Town management and Berkshire Partners to support the next phase of the company’s growth.”