Private equity firm Summit Partners has made a majority investment in Parts Town LLC.
Parts Down distributes repair and maintenance parts to companies in the food services equipment space. The company also provides field services and technical service support. Terms of the investment weren’t disclosed.
Boston-based Summit has raised about $15 billion in capital since it was founded in 1984. The firm’s portfolio companies include technology group A10 Networks Inc., online gaming company Bigpoint GmbH and message security group Cloudmark Inc. In September, Summit portfolio company Avast Software BV bought Jumpshot, which develops technology to remove junk files that slow down computers.
Weil Gotshal & Manges LLP acted as Summit’s legal counsel, while Ernst & Young LLP provided accounting services. Metronome Partners provided financial advice, and Kirkland & Ellis LLP served as legal counsel to Parts Town.