Los Angeles-based growth investment firm Leonard Green & Partners, L.P. has invested in Parts Town, a distributor of original-equipment-manufacturer foodservice parts.
Addison, Illinois-based Parts Town called the investment “significant,” though no financial details were disclosed.
Existing investor Berkshire Partners will retain its majority stake in the company, reinvesting alongside the Parts Town management team and Leonard Green, the company said.
Parts Town expects the investments to “accelerate innovation across its supply chain, distribution and e-commerce 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, Parts Town said.
“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.”