Parts Town announces 25% year-over-year revenue growth
ADDISON - Parts Town, a market-leading distributor of original equipment manufacturer (OEM) food service, residential appliance and HVAC equipment repair parts, announced 25% year-over-year organic revenue growth for the first three quarters of 2022.
Parts Town has continued to build momentum throughout 2022, including continued high organic growth in its new Parts Town Home division, which provides OEM replacement parts for residential appliances. Overall, the company expects revenue to grow to over $1.9 billion this year, up from $1 billion in 2021, driven by continuous innovation, strategic acquisitions, international expansion, new global partnerships and master distribution programs with industry-leading manufacturers.
"Parts Town's continued high growth is driven by our commitment to innovation and serving the rapidly evolving needs of our customers," said CEO Steve Snower. "In addition to continuing to support the restaurant and food service industry with the critical OEM replacement parts they need to thrive, we have also significantly expanded our residential parts offering. "
In the past six months, the company has continued to expand its Parts In Town offering, an e-commerce solution designed to help local service companies and distributors grow their businesses, further improve equipment uptime in the food service industry, and promote growth of genuine OEM part sales locally. Parts In Town enables local service companies and distributors to benefit from Parts Town's technology investments. There are now almost 100 Parts In Town locations across North America that sell their OEM parts inventory on partstown.com and provide end user customers with the ability to pick up parts locally.
Parts In Town's growth includes a recently announced pilot program with Uber Technologies to provide two-hour, last-mile delivery service. The partnership represents the industry's first collaboration between a parts distributor and a ride-sharing provider to offer replacement parts delivery. The plan is to expand this program nationally following the pilot program.