Berkshire Partners has amassed $1.5bn to help extend its hold on Parts Town through a secondary deal, according to people familiar with the matter, the latest such transaction for a high-growth private-equity portfolio company.
Berkshire acquired Addison, Ill.-based Parts Town in 2016 through its Berkshire Fund VIII, a $4.5 billion fund the firm raised in 2011. In November 2021, Berkshire agreed to sell a portion of its majority stake in the food services equipment parts distributor and services provider to Leonard Green & Partners.
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In November 2021, Parts Town, a distributor of OEM foodservice equipment parts, has secured a significant investment from Los Angeles-based growth investment firm Leonard Green & Partners. Back then, Berkshire Partners retained its majority stake in the company, reinvesting alongside the Parts Town management team and Leonard Green.
The investment enabled 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 also supported 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.
Source: Wall Street Journal
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