Parts Town, the Illinois-based distributor of OEM foodservice equipment parts, received what the company described as a “significant investment” from Leonard Green & Partners, a Los Angeles-based growth investment firm. Existing investor Berkshire Partners will retain its majority stake in the company, reinvesting alongside the Parts Town management team and Leonard Green.
Parts Town intends to use this investment “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.”
This represents the latest development in what’s been a busy period for the Addison, Ill.-based distributor of OEM parts for the foodservice industry. In December of 2020, Parts Town developed Red Lightning Group, what the company describes as its innovation incubator. In September, Red Lightning Group rolled out Parts Town Marketplace, which makes available a curated list of light equipment, smallwares, tabletop items, consumables and other products available for purchase.
Parts Town has been active when it comes to acquisitions, too. For example, earlier this month, Parts Town acquired service agents K&D Factory Service and Pine Tree Equipment Co. And in July, Parts Town acquired General Parts, a Minnesota-based service agent.