VIPAR Heavy Duty Stockholder Parts for Trucks, Inc. Partners with Investor to Accelerate Growth Strategies
- Parts for Trucks has partnered with SeaFort Capital, a growth-oriented investor based in Nova Scotia
- Parts for Trucks is the largest independent heavy-duty aftermarket parts and service distributor in Atlantic Canada
- Distributor has been in business over 100 years and is a VIPAR Heavy Duty founding stockholder
Crystal Lake, Ill. – (Trailer Technician) – VIPAR Heavy Duty founding stockholder Parts for Trucks, Inc. has partnered with private equity firm SeaFort Capital to accelerate their growth strategies. SeaFort Capital announced its majority investment in Parts for Trucks earlier this month. Based in Dartmouth, Nova Scotia, Parts for Trucks is the largest independent heavy-duty aftermarket parts distributor and provider of truck and equipment service in Atlantic Canada. The company operates a network of 16 locations across Atlantic Canada and in Ontario.
Corey Miller, CEO of Parts for Trucks, commented, “Our executive team chose to partner with SeaFort given their strong values and proven track record of successfully growing companies. We are very excited to work with the SeaFort team to pursue strategic growth, which will provide exciting opportunities for our staff and allow us to further enhance and broaden the strong support we currently provide to our valued customers.”
Rob Normandeau, SeaFort’s Managing Partner & President, commented, “This is the first platform investment for SeaFort Capital Fund II and represents the type of Canadian mid-market investment we target. We are pleased to invest in a long-established, successful Atlantic Canadian-based business and excited to partner with a strong, proven management team and company as they continue to execute on a well-delineated growth strategy.”
The partnership will focus on continuing Parts for Trucks’ growth strategy by introducing new products and services and pursuing expansion within Canada through greenfield initiatives and strategic acquisitions. The existing senior leadership team will continue to drive the business following the investment by SeaFort.
Chris Baer, President & CEO of VIPAR Heavy Duty, added, “This partnership provides exciting opportunities for the Parts for Trucks team and is an example of a successful strategic investment relationship that continues to fuel the growth of the VIPAR Heavy Duty network. A group can only be as strong as the sum of its distributors, and the good news is that ours are great!”
For more information on VIPAR Heavy Duty, visit www.vipar.com or email: [email protected].
About Parts for Trucks
Parts for Trucks was founded in 1919 and is headquartered in Dartmouth, Nova Scotia. Through its more than 100-year operating history, the business has grown to become a leading independent distributor of parts and provider of service to the heavy-duty truck industry in Canada. Parts for Trucks currently owns and operates 16 locations in five provinces and provides service through a network of 22 affiliate locations that operate under the Trucklane banner. Across this network, the company can provide customers with access to 130 service bays and more than 150 technicians. For more information, please visit www.partsfortrucks.com.
About SeaFort Capital
Based in Halifax, Nova Scotia, SeaFort Capital is a private equity firm that invests in lower-mid-market Canadian businesses with EBITDA ranging from $2 million to $15 million. SeaFort is a growth-oriented investor that seeks to establish long-term partnerships to help grow industry-leading Canadian companies. SeaFort targets investments in the business services, value-added distribution, manufacturing, and industrial sectors. SeaFort Capital is investing SeaFort Capital Fund II LP, which currently has committed capital of approximately $160 million. For more information, please visit www.seafortcapital.com.
About VIPAR Heavy Duty
VIPAR Heavy Duty is North America’s leading network of independent aftermarket truck parts distributors. VIPAR Heavy Duty distributors serve the needs of their customers from nearly 700 locations across the United States, Canada, Puerto Rico and Mexico. VIPAR Heavy Duty distributors are specialists who understand the demands of their local, regional, and national customers for quality parts and exceptional service. VIPAR Heavy Duty also operates two wholly owned subsidiaries, Global Parts Network, LLC and Power Heavy Duty LLC, as part of the VIPAR Heavy Duty Family of Companies. VIPAR Heavy Duty is a proud member of NEXUS North America and NEXUS Automotive International, a worldwide group of parts distributors committed to bringing a global approach to the automotive and commercial vehicle aftermarket industries. For more information, visit www.vipar.com.