PT Holdings Group Acquires General Parts | Financial Buzz

PT Holdings Group Acquires General Parts

PT Holdings, LLC, has acquired General Parts, LLC (“General Parts”). PT Holdings focuses primarily on the marketing and distribution of genuine OEM foodservice parts, through its Parts Town, Parts Town Canada, and First Choice (U.K.) brands. The group also provides field service, through a group of local brands to support manufacturer partners.

Founded in 1939 and headquartered in Bloomington, MN, General Parts has built one of the industry’s leading OEM (Original Equipment Manufacturer) parts distribution and field service organizations. General Parts partners with the industry’s leading manufacturers to support the parts and service needs of its customers. As part of the transaction, Gary Schermann, Linnea Chrest, and their team will continue to lead General Parts, which will operate under the General Parts brand and will run as a separate and distinct company within PT Holdings.

“General Parts has all of the attributes we look for in a business: high integrity, strong OEM parts distribution, great leadership, a fantastic brand, and deep manufacturer relationships. We have been huge fans of Gary, Linnea, and the General Parts team for a very long time. Bruce Hodge, previous President of General Parts, was a mentor to me, and we are thrilled to have General Parts join the PT Holdings family,” commented Steve Snower, CEO of PT Holdings.

Gary Schermann states, “We are excited to become part of this great group of companies. We have gotten to know the PT Holdings Group over many years and always appreciated the customer service, integrity, and partnership that the organization exemplifies. We are looking forward to the next chapter of General Parts and the opportunities that this combination will bring to our team, our manufacturers, and our customers.”

“This is a great outcome for General Parts and its employees. Joining forces with a high-quality industry leader like PT Holdings will provide attractive opportunities for the employees of General Parts. We have enjoyed partnering with the exceptional team at General Parts since 2006 and are confident the team will continue to thrive as part of PT Holdings. We look forward to participating in the future of the combined group as an investor in PT Holdings,” commented Craig Flom, President of Encore One.

About Parts Town

Parts Town is the leading global distributor of genuine OEM (original equipment manufacturer) foodservice equipment parts. When there’s a hiccup in any 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 service companies and other customer segments.

Our 360-degree imaging technology, PartSPIN®, valuable interactive technical diagrams, convenient Smart Manuals, and the industry’s leading mobile app allow customers to easily and conveniently find and view equipment manuals and parts in the field, where that info is needed most. These innovations, paired with same day shipping and extended hours of operation, ensure the correct part is ordered and delivered every time.

Partnering with the leading manufacturers in the foodservice industry, 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/.

About General Parts Group

General Parts Group is a provider of commercial kitchen equipment repair services. Founded in 1939, the company has grown to be a distributor of OEM parts and provides service for over 60,000 customers and 400 manufacturers of commercial foodservice equipment. Corporate headquarters are located in Bloomington, Minnesota.

About Encore One

Headquartered in Minnetonka, MN, Encore One, LLC is an investment holding company that is part of a family business with more than 65 years of history. Encore One invests in middle-market companies with high-quality management teams, strong competitive positions, attractive growth opportunities, and solid cash flows. Typical Encore One platform investments have annual EBITDA of at least $4 million and enterprise values up to $75 million. Encore One is a long-term investor committed to taking excellent care of the companies it acquires by preserving the legacy of and prudently capitalizing each company. Encore One has ample resources to take advantage of attractive growth opportunities at its businesses.

Contacts

Linda Ramsey

lramsey@partstown.com

800-438-8898

 

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