PartsTrader Parent Company Raises $30M to Drive US Growth
March 4, 2015—PartsTrader Markets Limited, the parent company of PartsTrader LLC, announced Tuesday the completion of a $30 million private equity capital raise.
Based on the oversubscribed offering, the company chose to increase the equity raise amount to $30 million from the original stated target of $23 million.
"We are very pleased to have received strong support from several major institutional investors during our process of raising growth capital,"Colin Bevan, chairman of PTML, said in a release. "This provides the company with a solid financial foundation, which we will utilize to execute our U.S. business plan."
This new equity capital has been provided by existing shareholder Todd Technologies Limited, and new shareholders including Milford Active Growth Fund and Accident Compensation Corporation (ACC). Other investors included the executive management team of PartsTrader, LLC.
"PartsTrader is committed to delivering the best online parts sourcing and procurement solutions for collision repairers and parts suppliers across the US, and investing in the best people in the industry," Rob Cooper, PartsTrader CEO, said in a release. "These are the primary drivers behind the growth in discretionary use at 20% month over month."
The PartsTrader platform currently supports over $1 billion of collision parts purchases annually across 48 states, and now employs 175 people, with 110 of those employees in the U.S.