FinditParts Raises $30M in Series A Growth Shares from Crestline Investors to Fuel Growth as Leading Online Platform Serving CVA
Investment Enables Leading Commercial Vehicle Aftermarket (“CVA”) E-Commerce Marketplace to Continue to Revolutionize the Way CVA Customers Identify, Purchase and Receive Parts
SANTA MONICA, Calif., May 31, 2022 /PRNewswire/ — FinditParts (or “the Company”), the leading e-commerce marketplace serving the CVA industry, today announced that it has raised a $30 million acquisition of a minority growth stake Crestline Investors, Inc. (“ridge lineThe Series A represents the first institutional investment FinditParts has received since the company’s inception and will be used to further develop its technology and digital content and significantly accelerate the growth of the team.
Founded in 2010 by an industry veteran, David Seewack, FinditParts is revolutionizing the CVA by providing the go-to online marketplace for buyers and sellers to connect in an industry where the process of identifying, buying and receiving the right parts quickly is a critical challenge. By leveraging the company’s extensive network of suppliers and dealers, FinditParts provides buyers with access to the largest selection of high-volume, hard-to-find CVA parts, providing great pricing and excellent availability on a huge selection. brands. The company also improves new customer acquisition for suppliers and sellers through an omnichannel strategy using its branded marketplace and industry partners to dramatically extend reach to a wider customer base, accelerating growth and brand awareness. the brand. FinditParts has grown rapidly through the high value solutions it provides that help customers get their vehicles back on the road quickly, resulting in revenue growth of over 100% year over year. another in the first quarter of 2022.
The capital injection will allow FinditParts to continue to pioneer the creation of a taxonomy for CVA parts, providing the industry standard for how parts are categorized and identified. The funding will also drive advances in part identification and visual recognition technology, and further expand the millions of SKUs available at FinditParts.com.
“We are delighted to add Will Palmer and the ridge line team at FinditParts,” said David Seewack, Founder and CEO of FinditParts. “Having self-funded our business for the past decade, it was essential not only to add capital to fuel our continued growth, but also to add a partner with the skills, relationships and track record that would help ensure our future success.We are absolutely found that in Will and ridge line.”
“We are delighted to partner with David and the team at FinditParts,” said Will Palmer, managing director at Crestline Investors. “Their capital efficiency, industry expertise and operational excellence have made them the e-commerce leader in the CVA market. We are confident that through our new partnership, we can further strengthen their market-leading position and provide the ‘end user even greater value.’
DC Advisory served as exclusive financial advisor to FinditParts, and law of prosperityLLP acted as legal counsel. Jones Day served as legal counsel to ridge line. Financial terms were not disclosed.
FinditParts is the #1 online supplier of medium and heavy duty truck and trailer parts with over 7 million parts available in over 2,000 unique brands. FinditParts offers both OEM and aftermarket parts through its easy-to-use e-commerce platform, giving buyers additional ways to source critical CVA parts outside of traditional brick-and-mortar channels. . The company is creating a sophisticated parts taxonomy and advancing visual recognition technology to revolutionize the way shoppers research, identify and purchase CVA parts online. To learn more, please visit FinditParts.com.
About Crestline Investors
Crestline Investors, Inc., founded in 1997 and based in Fort Worth, TXis an institutional alternative investment management company. ridge line specializes in credit and opportunistic investments, including financing and restructuring solutions for mature private equity funds. In addition, the firm operates a multi-PM market-neutral hedge fund and provides beta and hedging solutions to institutional clients. The company has offices affiliated with New York, London, Toronto and Tokyo. Further information is available at crestlineinvestors.com.
Investors Crestline and FinditParts
SOURCE Crestline Investors, Inc.