ADDISON, Ill. – Parts Town, a technology innovator and market-leading distributor of OEM foodservice equipment parts, on Wednesday announced 33% annual revenue growth for 2021, vaulting its annual revenue to $1 billion.
Parts Town has carried significant growth and momentum into 2022 and expects to grow to over $1.8 billion in revenue this year with continuous innovation, new acquisitions and partnerships, new investors, international expansion, and new master distribution programs with industry-leading manufacturers.
“We are incredibly proud of Parts Town’s continued growth in 2021,” said Parts Town CEO Steve Snower. “Our team members have always risen up to meet new challenges and will continue to do so in 2022. As the restaurant and foodservice industry continues to come back, Parts Town will continue supporting the industry through technology advancements, innovation and fast delivery of the genuine OEM foodservice parts commercial kitchens need to thrive.”
Throughout 2021, Parts Town’s strategic technology investments in their Red Lightning Division have continued to create opportunities for customers and partners. In September, Parts Town launched its e-commerce Marketplace. Through the Marketplace, customers have access to one-stop shopping for OEM foodservice replacement parts, as well as products across a variety of new categories, including HVAC parts, janitorial, water filtration, technician supplies and residential appliance parts.
In August, Parts Town and Davisware launched PartsPath – an innovative tool that integrates and streamlines the parts purchasing process, saving service providers significant time and money. The functionality of PartsPath saves service companies an average of eight minutes per order, improving efficiency and focus.
The company fueled its continued growth in 2021 with seven acquisitions, including General Parts, a leading parts and service provider with deep manufacturer partnerships, and Dayton Appliance Parts, which extended Parts Town’s offering to include residential appliance parts. To kick off 2022 and continue its momentum, Parts Town acquired the REPA Group, a European leader in commercial foodservice parts distribution, and Encompass Supply Chain Solutions, a leading national distributor of residential appliance parts, consumer electronic parts, health and wellness parts and other related products. These acquisitions will further enhance the availability, delivery and overall experience of finding and buying spare parts for service companies, restaurants and institutional customers around the world.
In November, Parts Town announced that Leonard Green & Partners L.P. made a significant investment in the company with existing investor Berkshire Partners retaining its majority stake. These investments enable Parts Town 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 has also supported the company’s rapid international expansion, and its vision to extend into other mission critical parts categories including HVAC and residential appliance parts.