Parts Town, the technology innovator and market-leading distributor of OEM foodservice equipment parts, today 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 Steve Snower, Town Troublemaker, aka CEO, of Parts Town. "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 ecommerce 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.
Acquisitions Driving Growth
Parts Town 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.
Welcoming a New Investor
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 ecommerce 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.
Expanded Distributor Programs
Since its founding, Parts Town has been committed to providing its customers with quick, reliable access to OEM parts. As a result of its continued expansion, Parts Town has seen major growth in its distribution programs. The company has the most in-stock OEM parts in the industry from over 1,100 manufacturers. Throughout 2021, Parts Town added 23 new master distribution programs, bringing the total to 207 programs to ensure the highest inventory availability for its customers.
Industry Leading Ecommerce Solution
Parts Town also celebrated 180,000 downloads of its smartphone app, the first and number one mobile app in the industry. With the Parts Town app, customers can search and purchase the right parts, track their order, read and save OEM manuals, chat with a Parts Expert, view interactive diagrams, and check out with a synchronized shopping cart for a seamless experience in the app and online.
In November, Parts Town was recognized as one of Chicago's Top Workplaces by the Chicago Tribune. Parts Town's culture of innovation allows its team members to gain hands-on experience working with the next generation of robotics and other automated technologies that will shape the supply chain and distribution industry for years to come. Also in November, Parts Town was recognized with the National Culture Excellence in Remote Work Award by Energage's Top Workplaces. While the COVID-19 pandemic has continued to disrupt business activities across the country, Parts Town has worked tirelessly to empower team members to innovate despite the challenges of working in a remote environment.
Throughout 2021, Parts Town set the industry standard for providing innovative solutions by identifying opportunities to drive the industry forward and working to develop sensible solutions that improve operations. Despite the many challenges of 2021, Parts Town thrived and has continued its momentum into 2022.
About Parts Town
Parts Town is the leading distributor of genuine OEM (original equipment manufacturer) foodservice equipment parts. When there's a hiccup in any commercial kitchen, Parts Town is ready to jump in and help with the most in-stock parts on the planet, innovative technology, and an unmatched customer experience. Customized solutions benefit food equipment service companies, chain restaurants, institutions and independent restaurants.
Partnering with the top manufacturers of commercial cooking, refrigeration, ice and beverage equipment, and now offering HVAC and residential appliance replacement parts, Parts Town improves the supply chain, increases sales of genuine OEM parts and keeps every customer's business running like clockwork. For more information, http://www.partstown.com/.
These press releases may also interest you