Investment Enables the Leading Commercial Vehicle Aftermarket (“CVA”) e-Commerce Marketplace to Continue Revolutionizing 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, announced today it has raised a $30 million minority growth equity investment from Crestline Investors, Inc. (“Crestline“). The Series A represents the first institutional investment that FinditParts has received since the Company's inception and will be used to further expand its technology and digital content and significantly accelerate the growth of the team.
Founded in 2010 by 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, purchasing, and receiving the correct parts quickly is a critical challenge. By leveraging the Company's extensive network of suppliers and vendors, FinditParts provides buyers with access to the largest selection of both high-volume and hard-to-find CVA parts, thereby delivering great pricing and excellent availability across a vast selection of brands. The Company also enhances new customer acquisition for suppliers and vendors through an omni-channel strategy utilizing its branded marketplace and industry partners to significantly expand reach to a broader customer base, driving accelerated growth and brand awareness. FinditParts has achieved rapid growth through the high-value solutions it provides that help customers get vehicles back on the road quickly, resulting in over 100% year-over-year revenue growth in Q1 2022.
The capital infusion will enable FinditParts to continue pioneering the creation of a taxonomy for CVA parts, providing the industry standard for how parts are categorized and identified. The funding will also drive advancements in parts identification and visual recognition technology, and further expand upon the millions of available SKUs at FinditParts.com.
“We are excited to add Will Palmer and the Crestline team to FinditParts”, said David Seewack, Founder and CEO of FinditParts. “Having self-funded our company for the last decade, it was critical to not just add capital to fuel our continued growth, but to also add a partner with the skills, connections and track record that would help assure our future success. We absolutely found that in Will and Crestline.”
“We're thrilled to be partnering with David and the FinditParts team”, said Will Palmer, Managing Director at Crestline Investors. “Their capital efficiency, industry expertise, and operational excellence has made them the e-commerce leader in the CVA market. We are confident that through our new partnership we can further strengthen their position as a market leader and provide the end-user with even greater value.”
DC Advisory served as exclusive financial advisor to FinditParts, and Prospera Law, LLP served as legal counsel. Jones Day served as legal advisor to Crestline. Financial terms have not been disclosed.
FinditParts is the No. 1 online supplier of medium and heavy-duty truck and trailer parts with more than 7 million parts available across over 2,000 unique brands. FinditParts offers both OEM and aftermarket parts through its easy-to-use e-Commerce platform, providing buyers alternative ways to source critical CVA parts outside of traditional brick and mortar channels. The Company is creating a sophisticated parts taxonomy and driving advancements in visual recognition technology to revolutionize how buyers search for, 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, Texas, is an institutional alternative investment management firm. Crestline specializes in credit and opportunistic investments, including financing and restructuring solutions for mature private equity funds. In addition, the firm manages a multi-PM equity market-neutral hedge fund and provides beta and hedging solutions for institutional clients. The company maintains affiliate offices in New York, London, Toronto and Tokyo. Further information is available at crestlineinvestors.com.
Crestline Investors & FinditParts
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SOURCE Crestline Investors, Inc.