- Represented Smartcare Foodservice Equipment Solutions (“Smartcare”), a portfolio company of the Audax Group, in the sale of its PartsXpress division (“PX” or the “Company”) to Parts Town, a portfolio company of Berkshire Partners.
- PX is a leading national distributor of commercial foodservice items, providing a broad range of SKUs to hundreds of blue-chip restaurant and foodservice chains and ~5,000 small customers across a variety of market segments.
- Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses.
- Parts Town is a leading global distributor of genuine OEM foodservice equipment parts.
- PX was a player in a rapidly consolidating market led by two industry giants – one of which was Parts Town.
Drivers of Interest
- Scarcity value as one of the only remaining acquirable assets of scale in the industry.
- Diverse and loyal blue-chip customer base.
- Long-standing relationships with 400+ OEMs.
- Numerous sales and margin growth opportunities.
- Stable long-term financial results driven by non-discretionary repair and replacement demand.
- Opportunity to secure the industry’s largest service platform through a long-term supply agreement.