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Growth equity investor Summit Partners, Boston, MA, acquired a majority investment in Parts Town LLC, Addison, IL, a distributor of OEM repair and maintenance equipment parts for the restaurant and foodservice equipment sectors.
Parts Town’s founder Bill Reedy, CEO Steve Snower and the management team will remain sizeable shareholders in the company. Additional terms of the investment were not disclosed.
“Summit shares our core values and the ambition we have for this business," said Parts Town CEO Steve Snower. "Our new investors bring decades of experience building, growing, and leading world-class companies. I look forward to partnering with them to scale Parts Town to new levels of success.”
In connection with the investment, Joe Trustey and Jay Pauley will join Bill Reedy and Steve Snower on the Parts Town Board of Directors.